Orchid Chemicals Soars 16% on FDA Nod for Anti-Bacterial Drug

Mumbai: Shares of Orchid Chemicals & Pharmaceuticals surged over 16 per cent on Thursday after the drug firm received nod from the US health regulator for generic anti-bacterial Gemifloxacin Mesylate tablets.

The stock soared 16.31 per cent to Rs 57.40 at the BSE at its day's high.

Orchid Chemicals in a statement to the BSE said that it has received approval from the US FDA for the abbreviated new drug application (ANDA) for Gemifloxacin Mesylate Tablets (320 mg) with 180 days of generic drug exclusivity.

Chennai-based Orchid Chemicals & Pharmaceuticals is present in segments like anti-infective, anti-inflammatory, central nervous system (CNS), cardio vascular segment (CVS), nutraceuticals and other oral and sterile products.

At 1:30 p.m., Orchid Chemicals shares were up 15 per cent as compared to a 1 per cent gain in Nifty.  (With Agency Inputs)