Cadila Healthcare rose over 7% today morning to hit a new 52-week high at Rs.504.80, with volumes showing an over 2 times jump.
The good news is that its group company, Zydus Cadila has received final approval from the US Food & Drug Administration to market Levofloxacin injection, 500 mg/20 ml and 750 mg/30 ml (25 mg/ml).
Levofloxacin is used in the treatment of bacterial infections and will be produced at group's formulations manufacturing facility at Moraiya, Ahmedabad. This is a beginning of approval process for filings made from this Ahmedabad factory which had completed the USFDA audit and had got clearance with zero observations.
The group now has 115 approvals and filed over 300 ANDAs since the commencement of the filing process in FY04.