Jubilant Pharmova spikes 13% after subsidiary gets USFDA nod for depression pill

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Doxepin hydrochloride capsules, which are available in 10 mg, 25mg, 50mg, 75mg, and 100mg strengths, are the generic version of Sinequan.

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Rakesh Jhunjhunwala-backed Jubilant Pharmova share prices gained 13 percent intraday on March 21 after the company received approval from the US drug regulator for the manufacturing of the generic version of Sinequan that treats depression.

Jubilant Pharma, through its subsidiary Jubilant Cadista Pharmaceuticals Inc, has received the final approval for the abbreviated new drug application (ANDA) doxepin hydrochloride capsules, according to a filing with the BSE by the biopharmaceutical company on March 17.

Doxepin hydrochloride capsules, which are available in 10mg, 25mg, 50mg, 75mg, and 100mg strengths, are the generic version of Sinequan. The drug is used for the treatment of anxiety, depression, and other target symptoms of psychoneurosis.

As on December 31, 2021, Jubilant’s pharmaceuticals business had a total of 98 ANDAs for oral solids filed in the US, of which 61 have been approved. It also had four injectable¬†or ophthalmic filings, of which two have been approved.

Ace investor Rakesh Jhunjhunwala has 6.29 percent stake in Jubilant Pharmova as of December 2021.

The company recorded weak growth in its December 2021 quarter earnings due to headwinds in the pharma division. Profit fell 77 percent on-year to Rs 51 crore, and revenue declined 26 percent to Rs 1,311 crore in Q3FY22.

Before today’s rally, the stock had a 30 percent correction in current year, underperforming the BSE Healthcare index that dipped 7 percent in the same period.

The stock was trading at Rs 448.90 on the BSE, up 10.15 percent, at 2:46pm.