Shares of Shilpa Medicare surged 5 percent in early trade on December 13 after the Therapeutics Goods Administration (TGA) Australia approved its Bengaluru Unit IV for manufacturing, labelling, packaging and testing of medicinal oral mouth dissolving films.
At 9.46am, the shares of Shilpa Medicare were trading 1.5 percent higher at Rs 374.5 on the NSE after hitting an intraday high of Rs 387.20 earlier in the session.
Shilpa Medicare’s Bengaluru unit is involved in the manufacturing and testing of medicinal oral mouth dissolving films and transdermal patches. The company has a pipeline of products in this type of dosage forms. Hence, the approval from TGA will enable the company to secure further approvals and market its products in Australia.
The Bengaluru unit is supplying its oral film products to the US and other markets and is also approved by the MHRA (Medicines and Healthcare products Regulatory Agency), UK.
Last month, the company acquired Pilnova Pharma Inc in the US, making it a wholly owned subsidiary. This acquisition was aimed to help the company establish a front end presence in the US market with an objective to capture the full potential of its niche portfolios.