Aurobindo Pharma shares gain after drug maker wins US regulator approval for nasal spray

Aurobindo Pharma USFDA approval latest news, Aurobindo Pharma share price: Aurobindo Pharma shares gained on Wednesday after the Hyderabad-headquartered pharmaceutical company received approval from the US Food and Drug Administration (USFDA) for its nasal spray. The pharma stock gained as much as 3.19 per cent to Rs 1,022 on NSE, continuing to rise for the fifth trading session in a row. The counter closed at 1,017.4, up 2.73 per cent on NSE. 

Aurobindo Pharma will manufacture and market Mometasone Furoate Monohydrate Nasal Spray (50 mcg/spray), which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD) Nasonex Nasal Spray (50 mcg/spray) of Organon LLC, it said in a regulatory filing.

The drug maker said the product would be launched in the first quarter of the fiscal year 2025.

"The approved product has an estimated market size of US$ 44.5 million for the twelve months ending January 2024, according to IQVIA. Aurobindo now has a total of 507 ANDA approvals (488 Final approvals and 19 tentative approvals) from USFDA," it added.

Aurobindo Pharma share price target: What to do with the pharma stock?

Rakesh Bansal of Rakesh Bansal Ventures told Zee Business that Aurobindo Pharma shares have the potential to reach Rs 1,036-odd levels and recommended placing a stop loss at Rs 980 to chase the expected upmove.

What is the Mometasone Furoate Monohydrate Nasal Spray used for?

Mometasone Furoate Monohydrate Nasal Spray (50 mcg/spray) is indicated for treating the nasal symptoms of seasonal allergic and perennial allergic rhinitis, in adults and pediatric patients two years of age and older, according to Aurobindo Pharma. 

What does Aurobindo Pharma do?

Aurobindo Pharma is an integrated global pharmaceutical company that develops, manufactures, and commercialises a wide range of generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients (APIs) across more than 150 countries.

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.The company has 25 manufacturing and packaging facilities.