Wockhardt share price gained over 14% on Thursday after the company announced it has received a nod from Indian drug regulator DCGI for the country's first new discovery antibiotics.
With a gap up chart pattern, Wockhardt shares gained 2.3% with the opening bell and later touched an intraday high of Rs 295.5, rising 14.07% on BSE.
With high investors' participation, 7.22 lakh and 88.83 lakh shares were changing hands on BSE and NSE counters. The stock price has gained over 14% in one week, 13% in one month, although fallen 45% in a year's period.
Wockhardt said the two approved new antibiotics, Emrok(IV) & Emrok O are used for acute bacterial skin and skin structure infections including diabetic foot infections and concurrent bacteraemia. The new drug will target superbug like Methicillin-resistant Staphylococcus aureus (MRSA), which is a leading cause of rising antimicrobial resistance (AMR).
The size of Indian antibiotic market is approximately Rs 16,000 crore, growing at 7%. It boasts one of the largest therapeutic segment, with a 12% market share of the Indian pharmaceutical market, the filing added.
Dr. Habil Khorakiwala, Founder Chairman, Wockhardt Group said," I believe EMROK/EMROK-O has a strong potential to effectively address the unmet medical need of the clinicians in the country thereby helping to reduce the morbidity and mortality".