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
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.
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