Alembic Pharmaceuticals share price gained 3.4% on Thursday after the company said it received US drug regulator's tentative approval for Empagliflozin and Linagliptin tablets in multiple strengths.
Alembic Pharmaceuticals said in its regulatory filing the tentatively approved abbreviated new drug application (ANDA) is therapeutically equivalent to the reference listed drug product Glyxambi tablets, 10 mg/5 mg and 25 mg/5 mg, of Boehringer Ingelheim Pharmaceuticals, Inc.
Following the update, Alembic Pharmaceuticals scrip opened at its previous closing price of Rs 990.80 and later gained 3.4% to touch an intraday high of Rs 1,024.45 on BSE. The stock has gained after two days of fall. Market cap of the firm stood at Rs 19,695 crore as of today's closing session.
Alembic Pharma share trades higher 5, 50, 100 and 200-day moving averages but lower than 20-day moving averages. Stock of Alembic Pharmaceuticals has risen 3.91% in the last one month and 75% since the beginning of the year.
Empagliflozin and Linagliptin tablets, 10 mg/5 mg and 25 mg/5 mg have an estimated market size of $244 million for twelve months ending June 2020 according to IQVIA.
Alembic now has a total of 130 ANDA approvals (113 final approvals and 17 tentative approvals) from USFDA, the filing added.
Shares of Alembic Pharma closed 1.10% higher at Rs 1,001.65 on BSE.