Caplin Point Laboratories jumped 6% to Rs 374 after the drug maker received the final approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) Phenylephrine Hydrochloride injection.
Phenylephrine Hydrochloride injection is indicated for the treatment of clinically important hypotension resulting primarily from vasodilation in the setting of anesthesia.
The drug had total sales of approximately $45 million for the 12-month period ending March 2020, according to IQVIA.
Caplin Steriles, a subsidiary company of Caplin Point Laboratories, has developed and filed 17 ANDAs on its own and with partners, with 9 approvals so far.
The company is also working on a portfolio of 35 simple and complex injectable and ophthalmic products, to be filed over the next 4 years.
Caplin Point Laboratories is a fast-growing pharmaceutical company with a unique business model catering predominantly to emerging markets of Latin America and Africa.
The drug maker reported 27.8% rise in consolidated net profit to Rs 58.56 crore on a 43.5% jump in net sales to Rs 228.21 crore in Q3 December 2019 over Q3 December 2018. The pharmaceutical major is yet to announce its Q4 March 2020 numbers.