There was great news from Alembic Pharma. It announced two FDA approvals.
1: Today morning it stated that its JV, Aleor Dermaceuticals Limited, has received US Food and Drug Administration (USFDA) Approval for Clobetasol Propionate Cream USP, 0.05%.
Clobetasol Propionate Cream is super-high potency corticosteroid formulations indicated for the relief of the inflammatory and pruritic manifestations.
It has an estimated market size of US$ 57 million for twelve months ending September 2019 according to IQVIA.
2: It also received the US FDA Final Approvals for Azithromycin Tablets USP, 250 mg, 500 mg and 600 mg.
Azithromycin Tablets USP, 250 mg and 500 mg have an estimated market size of US$ 129 million for twelve months ending September 2019 according to IQVIA.
Alembic has a cumulative total of 118 ANDA approvals (106 final approvals and 12 tentative approvals) from USFDA.
The stock has been consistently hitting new highs for the past couple of days. Yesterday, it had hit a new 52-week high at Rs.639.90 and today too, it rose to hit another new high at Rs.641.60.