India's Unichem Labs jumps on U.S. FDA nod for generic version of Schizophrenia treatment

Unichem Laboratories

03/12/2021 05:35

** Shares of the drugmaker  UNLB.NS  jump as much as 12.4%
to 251.60 rupees, their highest since Oct. 22
    ** UNLB stock sees biggest intraday pct gain since Nov. 26;
up for third straight session and on track for second weekly
gain 
    ** Co said https://bit.ly/3oi7mkG on Thursday the U.S. FDA
had approved abbreviated new drug application (ANDA) to market
its generic version of Abilify tablets of Japan-based Otsuka
Pharmaceutical Co 
    ** ANDA allows drugmakers to apply for FDA approvals for
generic versions that provide safe, lower-cost alternative to
brand-name drugs
    ** Tablets would be used to treat schizophrenia and
irritability associated with autistic disorder, UNLB said   
    ** Product will be commercialized from UNLB's plant in
Ghaziabad, in the Indian state of Uttar Pradesh
    ** More than 524,000 shares traded by 0526 GMT, 4.1 times
their 30-day avg of over 127,000 shares
    ** As of last close, UNLB had fallen 14.6% vs a 4.96% gain
in the Nifty Pharma index  .NIPHARM  

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))