Concord Biotech Shares Rise 8% Following USFDA Approval for Mycophenolate Mofetil
Concord Biotech jumps 8% on USFDA nod for Mycophenolate Mofetil oral suspension
Image: The Economic Times
Concord Biotech's shares increased by 8.46% after receiving USFDA approval for Mycophenolate Mofetil oral suspension, a drug used to prevent organ rejection in transplant patients. This approval is expected to enhance the company's market presence in the U.S., valued at approximately $30 million.
- 01Concord Biotech's stock reached an intraday high of ₹1,264.90 after the announcement.
- 02The USFDA approved Mycophenolate Mofetil for Oral Suspension USP, 200 mg/mL, used in transplant patients.
- 03The U.S. market for Mycophenolate Mofetil is estimated at around $30 million, presenting a significant opportunity for the company.
- 04Concord Biotech's stock is currently trading at a P/E ratio of 42.56 and a P/B ratio of 6.13.
- 05Institutional investor activity showed mixed results, with FIIs increasing their stake to 7.79% while mutual funds reduced theirs.
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Concord Biotech's shares surged by 8.46% on Wednesday, reaching an intraday high of ₹1,264.90, following the announcement of USFDA approval for its Mycophenolate Mofetil oral suspension, an immunosuppressant used in organ transplant patients. This approval is crucial for the company's strategy to expand its footprint in the U.S. pharmaceutical market, which is valued at approximately $30 million. The approved formulation is intended for both adult and pediatric patients aged three months and older, and is used alongside other immunosuppressive therapies to prevent organ rejection. Despite the stock rally, it remains significantly below its 52-week high of ₹2,150. The company's market capitalization stands at around ₹12,200 crore, and its current valuation metrics indicate a P/E ratio of 42.56 and a P/B ratio of 6.13. Mixed institutional interest was noted, with FIIs slightly increasing their stake, while mutual funds reduced theirs during the March 2026 quarter.
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The approval is expected to boost Concord Biotech's market presence and sales in the U.S., potentially leading to increased revenue and market share.
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