Shares of pharma firm Wockhardt surged 14 percent in intra-day deals on Thursday after Indian regulatory Drug Controller General of India approved its two new antibiotics.
The stock rose as much as 14 percent to Rs 295.50 per share on the BSE. At 12:15 pm, the stock was trading 6.5 percent higher at Rs 276 per share as compared to a 0.05 percent or 23 points fall in the BSE Sensex at 41,849.
"DCGI has approved Wockhardt’s 2 new antibiotics, EMROK (IV) and EMROK 0 (Oral), for acute bacterial skin and skin structure Infections including diabetic foot infections. The new drug will target superbug like Methicillin-resistant Staphylococcus aureus (MRSA), which is a leading cause of rising antimicrobial resistance (AMR)," the company said in a BSE filing.
It added that the size of the Indian antibiotic market is approximately Rs 16,000 crore, growing at 7 percent and is one of the largest therapeutic segments, with a 12 percent market share of the Indian pharmaceutical market.
"By virtue of its broad-spectrum activity against widely prevalent pathogens, including MRSA, superior safety over the currently available anti-MRSA agents and its unique properties, I believe EMROK/EMROK-O has a strong potential to effectively address the unmet medical need of the clinicians in the country,” said Dr Habil Khorakiwala, founder-chairman, Wockhardt Group.
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