New Delhi: Wockhardt Ltd shares surged as much as 14% in intra-day trade on Thursday, i.e. 16 January, after the pharmaceutical company received regulatory approval for two new antibiotics in India.
At 2:36pm, shares of Wockhardt were trading at Rs 277.55, up 7%, after hitting the day’s high of Rs 295.70. The stock has lost a whopping 45% in the past one year compared with a nearly 14% rise in the benchmark Nifty 50 index.
In a filing to stock exchanges, Wockhardt said that it has received approval from the Drugs Controller General of India (DCGI) for its two new antibiotics -- Emrok (intravenous infusion) and EMROK O (Oral) – to treat skin and other drug-resistant infections, including diabetic foot infections and concurrent bacteraemia.
“Wockhardt becomes the first domestic drug maker to get approval for novel antibiotic drugs discovered, developed and manufactured in India,” managing director Murtaza Khorakiwala said during a conference call, adding that the two drugs will be launched in the next few months in India and later in China and other emerging markets.
The new drug will target superbugs such as Methicillin-resistant Staphylococcus aureus (MRSA), which is a leading cause of rising antimicrobial resistance (AMR).
“By virtue of its broad spectrum activity against widely prevalent pathogens, including MRSA, superior safety over the currently available anti-MRSA agents and its unique properties, I believe EMROK/EMROK-O has a strong potential to effectively address the unmet medical need of the clinicians in the country,” said Dr Habil Khorakiwala, founder-chairman of Wockhardt Group.
Highlighting the scope of the new drugs, the company said that the size of the Indian antibiotic market is currently around Rs 16,000 crore. Growing at 7%, it is one of the largest therapeutic segments, with a 12% market share of the Indian pharmaceutical market, it added.
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