Shares of Concord Biotech jumped 1.63% to trade at ₹1,622.60 on Tuesday following a key regulatory milestone. The surge came after the company announced that it has received final approval from the United States Food and Drug Administration (US FDA) to market Teriflunomide tablets, in 7 mg and 14 mg doses, in the US market.
The approved drug is used in the treatment of patients suffering from relapsing forms of multiple sclerosis, a chronic and often disabling disease of the central nervous system. The company highlighted that this approval further strengthens its position in developing and commercializing a differentiated product portfolio for the US market.
According to IQVIA data cited by the company, the US market size for Teriflunomide tablets is estimated at $402 million, while the global market stands at approximately $908 million, offering strong growth prospects.
As of 9:36 AM, the stock was trading in the range of ₹1,580.65 to ₹1,620.55, with a market capitalization of ₹169.20 billion. The current P/E ratio stands at 43.93, and the stock has delivered a dividend yield of 0.54%.
This FDA approval could open doors for significant revenue generation in the North American market, boosting sentiment among investors.
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