Alembic Pharma shares up 5% on USFDA approval for glaucoma drug

Alembic Pharmaceuticals’ share touched a 52-week high of Rs 792.30 on April 28, 2022 and a 52-week low of Rs 463.30 on March 29

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Alembic Pharmaceuticals’ share price rose 5 percent in the early trade on March 31 after the company received the final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) brimonidine tartrate ophthalmic solution 0.15%.

The approved ANDA is therapeutically equivalent of Alphagan P Ophthalmic Solution, 0.15%, of AbbVie Inc, Alembic Pharmaceuticals said in its release.

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Brimonidine tartrate ophthalmic solution is an alpha-adrenergic receptor agonist indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension, it added.

Brimonidine has an estimated market size of $97 million for 12 months ending December 2022, according to IQVIA.

The company has a cumulative 180 ANDA approvals (156 final approvals and 24 tentative approvals) from the American health regulator.

At 9.19 am Alembic Pharmaceuticals was quoting at Rs 484.10, up Rs 15.80, or 3.37 percent, on the BSE.

The share touched a 52-week high of Rs 792.30 on April 28, 2022 and a 52-week low of Rs 463.30 on March 29, 2023. It is trading 38.9 percent below its 52-week high and 4.49 percent above its 52-week low.