The shares of this small cap pharmaceutical stock, involved in the production of finished dosage forms, like injectables and oral drugs hit 10 percent upper circuit on Friday after the company announced its new antibiotic has set a record-breaking success in Phase III trial.
Price Action
With a market capitalization of Rs 22,891.42 crore, Wockhardt hit a 10 percent upper circuit in Friday’s trading session and made a high of Rs 1,415.60 per share compared to its previous closing price of Rs 1,286.95 per share. The stock retraced from its day’s high and was trading at Rs 1,409.00 which is 9.48 percent higher than the previous closing price.
What Happened
Wockhardt’s Zaynich® (Zidebactam/Cefepime) outperformed meropenem in a global Phase III trial for cUTI (complicated Urinary Tract Infection). It achieved a 96.8 percent clinical cure rate which is the highest among FDA-approved antibiotics in the last decade.
In a study of 530 patients across multiple regions, it showed 89 percent combined clinical and microbiologic cure, while meropenem showed only 68.4 percent.
Wockhardt plans to seek approvals for filing and marketing the new drug from the US FDA and EMA. Zaynich also showed over 97 percent effectiveness against drug-resistant infections and has been used for critically ill patients. With over 8 million cUTI cases yearly in the US and EU, it offers a strong solution for such infections.
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Company Overview
Wockhardt is a global pharmaceutical and biotech company focused on research and innovation. It is the only company to receive QIDP (Qualified Infectious Disease Product) status from the US FDA for 6 antibacterial discovery programs. Wockhardt boasts a robust Drug Discovery team and clinical organization.
The company employs approximately 2,600 people from 27 different nationalities, with a presence in the USA, UK, Switzerland, Ireland, Mexico, Russia, France and several other countries. It operates manufacturing and research facilities in India, the USA, the UK, and Ireland. With a strong foothold in the USA, Europe, and India, 79 percent of Wockhardt’s global revenue comes from its international markets.
Written by Shwetha Sairam
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