Gland Pharma shares climbed nearly 4% after the company announced that it has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Olopatadine Hydrochloride Ophthalmic Solution USP, 0.7% (OTC). The regulatory clearance is seen as a positive development for the Hyderabad-based pharmaceutical company, boosting investor sentiment in early trade.
The approved product is therapeutically equivalent to the reference listed drug Pataday Once Daily Relief 0.7%, which is marketed by Alcon Laboratories Inc.. Olopatadine Hydrochloride Ophthalmic Solution is indicated for the treatment of ocular itching associated with allergic conjunctivitis, a common condition that affects millions of patients in the US, especially during peak allergy seasons.
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