Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Market / Stock-market-news/  Jubilant Life Sciences shares rise after USFDA approves new medicine
BackBack

Jubilant Life Sciences shares rise after USFDA approves new medicine

Jubilant Life Sciences is expected to launch the product in the current quarter under the company's registered brand name Ruby-Fill

Jubilant shares rose 6.76% and were trading at `656.20 at 11.08am, while the benchmark Sensex gained 1.23% and was trading at 28,209.33 points.Premium
Jubilant shares rose 6.76% and were trading at `656.20 at 11.08am, while the benchmark Sensex gained 1.23% and was trading at 28,209.33 points.

Hyderabad: Shares of Jubilant Life Sciences Ltd on Monday gained as much as 6.89% to 657 on the BSE after the company said it got US Food and Drug Administration (USFDA) approval for Ruby-Fill or rubidium 82 generator and elution system.

Jubilant said the company’s wholly-owned subsidiary Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada, has received USFDA approval for Ruby-Fill, for its new drug application (NDA) pursuant to section 505 (b)(2) filing.

Ruby-Fill is a special dye that has radioactive tracers used in PET scan, an imaging test that allows doctors to check for diseases in the body.

The product is expected to be launched in the current quarter under the company’s registered brand name Ruby-Fill for which the current estimated US market size is $76 million and which has a potential to grow up to $250 million annually in the next five years, the company said.

“This approval is highly anticipated by the medical community and is expected to give further boost to the revenues and profitability of the company along with the robust existing product base," said Shyam S. Bhartia, chairman and Hari S. Bhartia, co-chairman and managing director of Jubilant, in a joint statement.

Radiopharmaceuticals, classified as specialty pharmaceuticals, contributed about 12% of Jubilant’s 5,802 crore revenues in the year ended March, registering a growth rate of 36% compared to the previous year.

Jubilant shares rose 6.76% and were trading at 656.20 at 11.08am, while the benchmark Sensex gained 1.23% and was trading at 28,209.33 points.

The promoters of HT Media Ltd, which publishes Mint, and Jubilant Industries are closely related. There are no promoter cross-holdings.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 03 Oct 2016, 11:53 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App