Alembic Pharma rose 8% to hit an intra day high today at Rs.529.90, clocking some three times surge in volume. Its 52-week high and low is at Rs.412.40 and Rs.588 respectively.

The stock price rose after the company announced today morning that it has received US Food & Drug Administration (USFDA) Approval for its Abbreviated New Drug Application (ANDA) for Doxycycline Hyclate Capsules USP, 50 mg and 100 mg.

Doxycycline Hyclate Capsules USP, 50 mg and 100 mg, have an estimated market size of US$ 80 million for twelve months ending December 2017 according to IQVIA.

Alembic now has a total of 73 ANDA approvals (65 final approvals and 8 tentative approvals) from USFDA.