10th sept 2013, Tuesday Wockhardt up by 20% and closed at 616.50 after hitting the upper circuit. The share surged since the company finalized a settlement of patent pending litigation with US based Avanir pharmaceuticals INC. The settlement allows Wockhardt to sell a generic version of the drug Nuedexta on 30th july 2026 or earlier under special circumstances. The share saw heavy volumes at every price till the stock finally stopped trading at around 12:05 pm by hitting the upper circuit of 20%.Besides the settlement the expectation that the ongoing USFDA inspection would be cleared soon on the company’s Chikalthana facility also was positive news adding on to the rise.Key medicines manufactured here are currently barred from the US and the approval will allow the company to restart US supply. The share was going through tough times since it came under the FDA radar. Even the promoter Khorakiwala Holdings & Investments Private Ltd has acquired 2,11,094 shares via market purchase which is clear sign that the company is finally recovered.
Posted on: Tue, 10 Sep 2013 16:15:36 +0000
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