Shilpa Medicare shares surge 9% on USFDA final nod to psoriatic arthritis drug

The drug is executed from a contract manufacturing site.

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The Shilpa Medicare share price climbed 9 percent in the opening trade on April 11 after the company received the final approval for its Apremilast tablets from the US Food and Drug Administration (USFDA).

The company has received the USFDA final approval for its ANDA for Apremilast Tablets of 10 mg, 20 mg, and 30 mg for the treatment of adult patients with active psoriatic arthritis, Shilpa Medicare said in its release.

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The product is executed from a contract manufacturing site.

Apremilast is a generic equivalent of reference listed drug (RLD) OTEZLA of Celgene. According to IQVIA MAT Q4 2022 data, the US market for Apremilast Tabletsis approximately $3.55 billion.

At 9:21am, Shilpa Medicare was quoting at Rs 251.65, up Rs 18.45, or 7.91 percent on the BSE. The share touched a 52-week high of Rs 503.05 and a 52-week low of Rs 222.40 on April 13, 2022 and March 28, 2023, respectively.

It is now trading 49.98 percent below its 52-week high and 13.15 percent above its 52-week low.