Concord Biotech surges after getting final approval from USFDA for marketing Teriflunomide Tablets
Concord Biotech is currently trading at Rs 1619.15, up by 21.35 points or 1.34% from its previous closing of Rs 1597.80 on the BSE.
The scrip opened at Rs 1598.05 and has touched a high and low of Rs 1669.95 and Rs 1584.00 respectively. So far 2221 shares were traded on the counter.
The BSE group 'A' stock of face value Rs 1 has touched a 52-week high of Rs 2658.00 on 20-Sep-2024 and a 52-week low of Rs 1326.90 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs 1745.70 and Rs 1401.00 respectively. The current market cap of the company is Rs 17033.61 crore.
The promoters holding in the company stood at 44.08%, while Institutions and Non-Institutions held 17.92% and 38.00% respectively.
Concord Biotech has been granted final approval from the United States Food and Drug Administration (USFDA) for marketing its Teriflunomide Tablets, 7 mg and 14 mg. Teriflunomide tablets are used for the treatment of patients with relapsing forms of multiple sclerosis.
This approval reinforces the company’s capability in successfully developing and commercializing a differentiated product portfolio for the U.S. market. According to IQVIA, the market size of Teriflunomide tablets is around $402 million in the US, and the global market size is around $908 million, indicating significant opportunities for expansion in the US and the global market.
Concord Biotech is an India-based biopharma company and one of the leading global developers and manufacturers of select fermentation-based APIs across Immunosuppressants and oncology.
