Wockhardt Share Price Rises 2.49%; Up 27% in Two Days After New Drug Gets US FDA Approval

Mumbai, December 2: Wockhardt share price is witnessing heavy investor demand today, on December 2. As of 1:45 PM, Wockhardt share price was up by 1.49%, or 36.70 points and was trading at ₹1,508.90. Until now, the shares have traded within a range of ₹1,566.90 and ₹1,465.70. The traded volume for the stock stood at 1.34 crore shares, with the company’s market cap at ₹23,922 crore. The shares have their 52-week high at ₹1,868.80 and their 52-week low at ₹1,110.05. With today’s rise, the stock has provided around 27% gains in the two trading sessions. 

Key Trigger: US FDA Approval for Zaynich

The rise in the share price comes after the company announced that it has received approval from the United States Food and Drug Administration (US FDA) for its new drug named Zaynich. It announced that the US FDA has provided it with the New Drug Application (NDA) for Zaynich. The approval is the first time that any Indian pharma company has received the NDA for its new drug. 

“This is the first time in history that an NDA for a New Chemical Entity (NCE) from an Indian pharmaceutical company has been filed and accepted by the US FDA,” Wockhardt said in its regulatory update.

“The FDA’s acceptance of the Zaynich NDA is a historic and proud moment for the organization and for India. It reaffirms our commitment to developing advanced anti-infective solutions for the world and demonstrates what Indian science and innovation can achieve on the global stage,” the company added in its statement.

What is Zaynich? 

Zaynich is a combination therapy which is used to treat life-threatening multi-drug resistant (MDR) and extensively drug-resistant (XDR) bacterial infections. It includes a combination of Zidebactam, a β-lactam enhancer, and Cefepime, a fourth-generation cephalosporin. Its treatment includes treating high-risk pathogens such as Pseudomonas Aeruginosa, Acinetobacter Baumannii, and Carbapenem-resistant strains. 

The company said that the US FDA had already granted Fast Track designation to the drug, which will help the company sell the drug to meet urgent medical requirements. Due to the Fast Track designation, US FDA will now review the NDA of Zaynich on priority. 

Investor Takeaway for Wockhardt

Wockhardt has announced that it has received the approval of the US FDA for its new drug Zaynich. It is a major milestone for the company as it will allow it to increase its sales, which will contribute to its revenue. The first-of-its kind approval boosted investor demand, leading to a share price rise. Investors will hope that the shares perform similarly in the coming days. 

Wockhardt Limited (NSE: WOCKPHARMA, BSE: 532300) is a global pharmaceutical and biotechnology company from India. It is a research-based organisation that provides affordable, high-quality medicines for the global market, with a strong focus on antibiotic research and development. It manufactures and markets a wide range of finished dosage formulations including orals, injectables, biopharmaceuticals, and topicals (creams and ointments). The company was established in 1967, and is headquartered in Mumbai, Maharashtra.

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