The US Food and Drug Administration (FDA) has allowed the company to sell Methoxsalen capsules of 10 mg strength, Bangalore-based Strides Arcolab said in a statement.
Strides Arcolab has received regulatory approval to market a skin disease drug in the US.
The US Food and Drug Administration (FDA) has allowed the company to sell Methoxsalen capsules of 10 mg strength, Bangalore-based Strides Arcolab said in a statement.
The US market for generic Methoxsalen capsules is pegged at about USD 13.6 million, with no generic player, the company said, citing IMS data.
"The product will be manufactured at the company's FDA-approved oral dosage facility in Bangalore and marketed directly by Strides in the US," the company said.
Methoxsalen is used to treat psoriasis, eczema, vitiligo and some cutaneous lymphomas in conjunction with exposing the skin to UVA light from lamps or sunlight. It modifies the way skin cells receive UVA radiation, clearing up the disease.
Strides Arcolab shares gained 8.5 per cent to Rs 594 on the BSE in the afternoon.
Strides Arcolab stock price
On June 06, 2014, Strides Arcolab closed at Rs 599.70, up Rs 52.25, or 9.54 percent. The 52-week high of the share was Rs 1050.00 and the 52-week low was Rs 343.80.
The company's trailing 12-month (TTM) EPS was at Rs 584.46 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 1.03. The latest book value of the company is Rs 820.12 per share. At current value, the price-to-book value of the company is 0.73.
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