Shares of IOL Chemicals and Pharmaceuticals Ltd., a specialty chemicals and active pharmaceutical ingredient (API) company, surged on Thursday after the company informed the exchanges that it has been granted a new patent.
IOL Chemicals said that the Controller of Patent, Indian Patent Office, Government of India, has granted it a patent for the invention entitled ‘an improved safe process for the preparation of Sartan Drugs of Formula I’.
Valsartan, Losartan, Irbesartan, Olmesartan, Candesartan, and other Sartan drugs are a class of medicines known as angiotensin II receptor blockers (ARBs) that are used to treat high blood pressure and heart failure.
Reacting to the development, the stock price hit a high of Rs 356.30 in intra-day trade.
Earlier this month, IOL Chemicals said that it received a ‘Certificate of Sustainability’ (CEP) from the European Directorate for the Quality of Medicines (EDQM) to export Pantoprazole Sodium Sesquihydrate to the European market. Pantoprazole Sodium Sesquihydrate is a water-soluble off-white crystalline powder used for the treatment of acidity.
The company had also informed the bourses that it had been granted a Patent on the “Sitagliptin Process” from the Indian Patent Office on 2 November.
Last month, the board of IOL Chemicals approved an investment of $2.1 million in USpharma Ltd., a United States-based company that specialises in drug delivery technologies.
IOL Chemicals and Pharmaceuticals is the world’s largest manufacturer of Ibuprofen and the second largest manufacturer of Iso-Butyl Benzene (IBB).
