Aurobindo Pharma share price surged by nearly 2 percent in early trading on March 20 following the company’s receipt of approval from the US Food & Drug Administration (USFDA) for a nasal spray.
As of 9:18 am, Aurobindo Pharma was trading at Rs 1,003.90, up by Rs 14.50, or 1.47 percent, on the BSE.
The company announced that it has received final approval from the USFDA to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray. This product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC.
Mometasone Furoate Monohydrate Nasal Spray is indicated for treating the nasal symptoms of seasonal allergic and perennial allergic rhinitis in adults and children.
Aurobindo Pharma plans to launch the product in the first quarter of FY25.
Earlier this month, Aurobindo Pharma’s subsidiary CuraTeQ Biologics Private Limited announced positive results for its Omalizumab biosimilar candidate BP11 in Phase 1 trials, meeting end points concerning the EU and US sourced reference product Xolair.
However, the US agency had previously raised procedural and cleanliness concerns at the company’s subsidiary Eugia Pharma SEZ unit in Telangana. Eugia Pharma Specialities Ltd, a wholly-owned subsidiary, has resumed distribution of aseptic products manufactured at Unit III, which was temporarily suspended.
Aurobindo Pharma’s stock reached a 52-week high of Rs 1,177 on January 30, 2024, and a 52-week low of Rs 466 on March 21, 2023. Currently, the stock is trading 14.71 percent below its 52-week high and 115.43 percent above its 52-week low.
