Gland Pharma shares surge 7% on USFDA approval for breast cancer treatment injection

Shares of Gland Pharma gained more than 7% in trade on Monday, April 8, after the company announced receiving approval from the United States Food and Drug Administration (USFDA) of a new injection.

In a filing to the stock exchanges, the company said that it has received approval from the US drug regulator for Eribulin Mesylate Injection, 0.5 mg/mL single dose vial.

“The Product is expected to be the first generic approval on the market, and the company expects to launch this product in the near term through its marketing partner,” Gland Pharma informed the bourses.

The Eribulin Mesylate injection is used in the treatment of breast cancer that has spread to other parts of the body.

Gland Pharma is co-developing the injection with Orbicular Pharmaceutical Technologies Private Limited.

After the announcement, shares of Gland Pharma gained as much as 7.09% to a high of ₹1,879 apiece on the NSE after a gap-up opening at ₹1,789.95 apiece.

The pharma stock has gained more than 47% in the last one year and over 5% in the past month.

As per the IQVIA data for 12-month period ending February 2024, the injection had US sales of nearly $92 million, Gland Pharma informed the stock exchanges.

Gland Pharma, based in Hyderabad, Telangana, is a leading injectable-focused company globally. The company’s injectables portfolio includes products such as pre-filled syringes, lyophilised vials, dry powders, infusions, oncology and ophthalmology solutions. The pharma company has presence in more than 60 countries across the world.

Shares of Gland Pharma were trading 5.9% higher at ₹1,858 a piece on the NSE at 14:50 pm.