Jubilant Pharmova stock gains 6.45% in an overall weak market; here's why
Jubilant Pharmova (formerly Jubilant Life Sciences Limited) witnessed a 6.45% surge in its share price, reaching ₹438.90 apiece during early trade on Monday after the company's Radiopharma business received ANDA approval for Technetium Sulfur Colloid Injection. The company, in an exchange filing on Friday, said that "Jubilant Pharmova Limited’s wholly owned subsidiary Jubilant Draximage Inc.
(‘Company’) received approval from the US FDA with regards to the company’s abbreviated new drug application (ANDA) submitted pursuant to Section 505(j) of the Federal Food, Drug, and Cosmetic Act (FD&C) for kit for the preparation of Technetium (Tc 99m) Sulfur Colloid Injection. Also Read: LIC share price declined up to 1.49% on Q2 results.
Should you buy, sell or hold the stock? Check brokerage views For this approval, the company said it is eligible for 180 days of exclusivity through the ‘Competitive Generic Therapy’ designation from the US FDA. This approval is effective November 9, 2023.
Speaking on the announcement, Pramod Yadav, CEO of Jubilant Radiopharma business said, "At Jubilant, we are glad to announce approval for Sulfur Colloid, which will improve the availability of this critical radiopharmaceutical to patients and healthcare professionals." "Technetium Sulfur Collid is our second product to be launched in FY24 after the approval and launch of Technetium Mertiatide Injection in Q1’FY24 and highlights our strong focus on the nuclear medicine business and commitment towards improving patient lives," he added. Also Read: Multibagger IPO: Jewellery stock Senco Gold doubles allottees' money in four months Jubilant Pharmova is involved in Radiopharma, allergy immunotherapy, CDMO sterile injectables, contract research
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