Granules India in the green

Granules India announced today morning that the US FDA approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc., a wholly owned foreign subsidiary of Granules India for Methylphenidate Hydrochloride Extended-Release capsules.

This is equivalent to Ritalin LA Extended-Release Capsules of Novartis Pharmaceuticals.

Methylphenidate Hydrochloride Extended-Release Capsules are used for the treatment of Attention Deficit Hyperactivity Disorder (ADHD).

Till date Granules Pharmaceuticals, Inc. had submitted total 19 ANDAs and the current approval is the third ANDA approval for the entity. Approvals for the balance 16 ANDAs are awaited.

The stock price had opened with a gain of 2.17% at Rs.113 and went on to rise 2.5% at Rs.113.30. Its 52-week high is at Rs.123.35.