Indoco Remedies stock gained 3% in the afternoon session on the BSE after it has received the approval of its ANDA for Succinylcholine Chloride Injection USP 200 mg/10 ml (20mg/ml) multi-dose vial, therapeutically equivalent to the Reference Listed Drug (RLD) Quelicin Injection of Hospira, Inc.

Succinylcholine Chloride Injection is indicated as an adjunct to general anesthesia, to facilitate tracheal intubation, and to provide skeletal muscle relaxation during surgery or mechanical ventilation.

The US market size of Succinylcholine Chloride Injection is of 72 million USD (6 million vials), as per IMS data for the year ending March 2020. The product is being used for some patients infected with Coronavirus (COVID-19).

Commenting on this positive outcome, Aditi Kare Panandikar, Managing Director, said, "the receipt of this USFDA approval, in a record time of just 4-months from the date of filing ANDA, is very encouraging. It brings an enormous opportunity to Indoco to serve the patients in these trying times."

The stock is currently trading at Rs213.05, up by Rs3.2 or 1.52% from its previous closing of Rs209.85 on the BSE.