Shares of Laurus Labs climbed 6 per cent on Thursday after the pharma company received USFDA approval for a generic drug used in treatment of diabetes.
The stock rose 5.84 per cent to hit a high of Rs 464.35 on the BSE.In a filing to BSE, the drugmaker said the US regulator has okayed Metformin Hydrochloride Tablets USP 500 mg, 850 mg and 1,000 mg.
This is therapeutically equivalent to Glucophage Tablets 500 mg, 850 mg, and 1,000 mg of Bristol-Myers Squibb Company.The product and API will be commercialised from the companys Unit 2 located at APSEZ, Atchutapuram, Visakhapatnam.