Wockhardt gains 4% on filing for DCGI’s approval for its insulin injection | News on Markets
Wockhardt shares rose 4.3 per cent on Wednesday and registered an intraday high of Rs 1127.25 per share. The pharma company’s stock gained after it filed for approval for its fast-acting insulin analog, Aspart injection, with India’s drugs regulator the Drugs Controller General of India (DCGI).
The Aspart insulin injection will help patients to manage their diabetes.
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At around 11:45 AM, Wockhardt shares were up 1.43 per cent at Rs 1,095.95 per share on BSE. In comparison, the BSE Sensex was down 0.48 per cent at 81,431.39 at around the same time.
“Wockhardt, a global pharmaceutical and biotechnology major, announces the filing of its fast-acting insulin analog, Aspart injection (ASPARAPIDTM), with the Drugs Controller General of India (DCGI). This significant milestone reflects Wockhardt’s ongoing commitment to address the growing diabetes epidemic both in India and globally,” the company’s exchange filing stated.
After its approval, the Aspart insulin will be available in cartridges, vials, and prefilled disposable pens. As per Wockhardt, the market size of Aspart in India is currently pegged at over Rs 260 crore, with only two players offering similar products in the domestic market. Further, the company expected the market to grow significantly in the coming years.
Further, the company is also developing additional insulin analogs and GLP-1 agonists to provide advanced diabetes care solutions. The introduction of these products will further strengthen the company’s diabetes portfolio, offering patients more effective treatment options for managing their condition, the company said.
Wockhardt is a research-based global pharmaceutical and biotech company headquartered in Mumbai, India. It has a presence in the US, the UK, Ireland, Switzerland, France, Mexico, Russia and many other countries. It has manufacturing and research facilities located in India and the UK, along with a manufacturing facility in Ireland. Around 78 per cent of its global revenues come from its international businesses.
Recently,the Central Drugs Standard Control Organisation (CDSCO), India’s regulatory body for cosmetics, pharmaceuticals, and medical devices, had given a favourable recommendation to the company’s antibiotic drug Miqnaf, which is used in the treatment of community-acquired bacterial pneumonia (CABP) among adults.
In the past one year, Wockhardt shares have gained 337.7 per cent, compared to the BSE Sensex’s rise of 23 per cent during the same period.
First Published: Oct 16 2024 | 1:30 PM IST
