Shares of Wockhardt Ltd jum as much as 4.75 percent to hit intraday high of Rs. 937 after the US drug regulator barred one of its drug from import caution it had issued to the organization in August.
Mumbai-based drug producer post market hours on Monday said that the US Food and Drug Administration (FDA) has rejected Ceftriazone Sodium from import alarm issued prior in August against its dynamic pharmaceutical fixing fabricating office in Ankleshwar.
The US health regulator had on September 30, 2016 posted on its website an update on the Import Alert 66-40 regarding company’s API Unit at Ankleshwar and excluded Ceftriazone Sodium from it, Wockhardt said in a filing to the BSE.
“This will enable the company to manufacture and sell Ceftriazone API and formulation to US market,” it added.
Ceftriazone Sodium is an antibacterial drug used to treat conditions such as lower respiratory tract infections, skin and skin structure infections, urinary tract infections, pelvic inflammatory disease, bacterial septicemia, bone and joint infections and meningitis.
Starting 10:48 a.m., Wockhardt exchanged 2 percent higher at Rs. 914.55, beating the Nifty which was up 0.2 percent