Aurobindo Pharma Stock Price Soars 6% After Subsidiary Receives FDA Approval for Topical Solution
Aurobindo Pharma share price saw a significant rise on February 8, with a 5.91% increase and trading at Rs 443.40 on the Bombay Stock Exchange (BSE). The boost in stock price came after the company announced that its subsidiary, Aurolife Pharma, received US Food & Drug Administration (USFDA) approval for the manufacture and market of Diclofenac Sodium Topical Solution USP.
Diclofenac Sodium Topical Solution USP is a bioequivalent and therapeutically equivalent solution for the treatment of pain caused by osteoarthritis of the knee(s). The product, expected to launch in the first quarter of FY24, has an estimated market size of $487 million for the twelve months ending December 2022, according to IQVIA.
This marks the first Abbreviated New Drug Application (ANDA) to be approved from Aurolife Unit-II in North Carolina, which is used for manufacturing topical products. Aurobindo Pharma now has a total of 430 ANDA approvals, with 404 being final approvals and 26 being tentative approvals, from the USFDA.
As a global pharmaceutical company with headquarters in Hyderabad, Aurobindo Pharma develops, manufactures, and commercializes a wide range of generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients in over 150 countries.
With the surge in trading volume, reaching 157,834 shares compared to the five-day average of 56,684 shares, investors can have confidence in Aurobindo Pharma’s continued growth and success in the pharmaceutical industry.
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