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The Economic Times
The Economic Times
Business
Ritesh Presswala

Concord Biotech shares jump 8% on USFDA nod for Mycophenolate Mofetil oral suspension

Concord Biotech United States US Food and Drug Administration

Shares of Concord Biotech surged as much as 8.46% on Wednesday, hitting an intraday high of Rs 1,264.90, after the company announced that it had received approval from the U.S. Food and Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL.

According to the company's regulatory filing, the approved product is an antimetabolite immunosuppressant used for the prophylaxis of organ rejection in adult and pediatric patients aged three months and older undergoing kidney, heart, or liver transplants. The medication is administered in combination with other immunosuppressive therapies.

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