Alembic Pharmaceuticals share price rose almost 3% intraday in Thursday's session after the drug firm's joint venture Aleor Dermaceuticals Limited (Aleor) received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Tavaborole Topical Solution 5%.
The antifungal drug has an estimated market size of US$ 82 million for twelve months ending June 2020, according to IQVI. The drug is an oxaborole antifungal indicated for the treatment of onychomycosis of the toenails due to Trichophyton rubrum or Trichophyton mentagrophytes, as per the regulatory filing submitted today.
Alembic Pharma stock touched an intraday high of Rs 1106, rising 2.77% against the earlier closing of Rs 1,076.20 on BSE. The stock opened at Rs 1,078 and also touched an intraday low of Rs 1,075. The share price of Alembic Pharma traded 4.52% away from 52 week high of Rs 1,128.
Stock price of Alembic Pharma has risen 14% in one month and 88% since the beginning of the year. Market cap of the firm stood at Rs 21,213 crore as of today's closing.
Alembic Pharma share stands higher than 5, 20, 50, 100 and 200-day moving averages. Alembic Pharma stock has gained after 2 days of consecutive fall.
The company added that it is currently in litigation with Anacor in District Court of Delaware and launch of the product will depend on litigation outcome.