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What drove Indoco Remedies share price 6% higher today? Top details inside
At 12:10 PM, Indoco Remedies share price was trading 1.77 per cent higher at Rs 247. In comparison, BSE Sensex was trading 0.90 per cent higher at 81,678.93 level.
Why did Indoco Remedies share price rise?
Indoco Remedies share price rose after the company announced that it has secured final approval of Allopurinol Tablets USP, 200 mg through Company's Abbreviated New Drug Application (ANDA) for Allopurinol Tablets USP to market a generic equivalent to the reference listed drug (RLD), Zyloprim 200 mg of Casper Pharma LLC from USFDA.'
Allopurinol is used to prevent or lower high uric acid levels in the blood. It is also used to prevent or lower excess uric acid levels caused by cancer medicines or in patients with kidney stones.
Aditi Panandikar, managing director of Indoco Remedies, said, 'Besides reflecting the capability of Indoco Remedies to deliver products of high-quality standards, this development also provides impetus to our growth aspirations in an important market such as the US.'
The product will be manufactured by Indoco Remedies Limited at their manufacturing facility located at L-14, Verna Industrial Area, Verna, Goa – 403722 in India, the company revealed.
About Indoco Remedies
Indoco Remedies is a fully integrated, research-driven pharmaceutical company with a robust global footprint.
With a turnover of approximately $180 million, the company is supported by a talented workforce of over 6,000 employees, including more than 400 scientists and an extensive field force. These professionals form the backbone of Indoco's operations, driving innovation and ensuring the delivery of high-quality pharmaceutical products.
The company operates 11 state-of-the-art manufacturing facilities—seven dedicated to finished dosage forms (FDFs) and four for active pharmaceutical ingredients (APIs)—along with a cutting-edge R&D centre and a Contract Research Organization (CRO) facility. These facilities are approved by major global regulatory agencies, including the USFDA and UKMHRA.
Indoco serves both domestic and international markets, generating over 106 million prescriptions annually through a network of more than 2,40,000 doctors across various specialties.
Domestically, it operates through 10 marketing divisions and offers a strong brand portfolio spanning multiple therapeutic areas such as gastroenterology, respiratory care, anti-infectives, ophthalmology, nutrition, cardiology, diabetology, pain management, and gynecology.
Some of Indoco's flagship brands include Cyclopam, Febrex Plus, Sensodent-K, Karvol Plus, ATM, Oxipod, and Glychek. Globally, Indoco partners with leading generic pharmaceutical companies, further strengthening its presence in international markets.
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