India's Morepen Labs jumps on U.S. FDA nod for Allegra generic

Morepen Laboratories

03/12/2021 07:24

** Indian drugmaker's shares  MORL.NS  rise 4.8% to 53.45
rupees 
    ** Morepen Laboratories won the U.S. FDA approval for
fexofinadine hydrochloride, its generic version of the
blockbuster anti-allergy drug Allegra 
    ** French pharma giant Sanofi  SASY.PA  had logged net sales
of 413 million euros ($466.07 million) from Allegra in 2020
    ** Morepen Labs expects to start exports of fexofinadine by
Q4 of FY22
    ** The export of the Allegra generic to the highly regulated
U.S. market is expected to see multi-fold growth resulting in
better profitability margins for the company - MORL 
    ** Including session's gains, MORL stock is up more than 73%
YTD


($1 = 0.8861 euros)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))