Alkem Laboratories Ltd received approval from the United States Food and Drug Administration (FDA) to manufacture a key drug used to treat chest pain.
The drug, known as Nifedipine, is used in the treatment of high blood pressure, and to control angina or chest pain. CNBC Awaaz reported on Tuesday about Alkem Laboratories getting the FDA’s approval to manufacture Nifedipine.
Alkem Laboratories recently received approval from the Drug Controller General of India (DCGI) to launch StemOne in India. The product is used in the treatment of knee osteoarthritis and is the first allogenic cell therapy product approved for commercial use in India.
Brokerages are bullish on Alkem Laboratories but have sounded cautious regarding the company's valuations. The company's June quarter results missed street expectations, post which, ICICI Securities cut its price target lower to Rs 3,695 from Rs 3,916 earlier.
Shares of Alkem Laboratories recovered from the day's low and are trading 1 percent higher at Rs 3,204.80 on the National Stock Exchange. The stock is down 12 percent year-to-date.
(Edited by : Rukmani Krishna)
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