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AstraZeneca India shares zoom 20% after launch of type-2 diabetes drug

Shares of AstraZeneca Pharma India has been steadily gaining momentum for the last couple of sessions, with the stock zooming 20 percent in early trade Thursday after the company announced the launch of type-2 diabetes drug Forxiga in India.

At 10.25 am, the stock was at Rs 1,147.70, up 20 percent (Rs 191.25) from its previous close. Over 1 lakh shares have changed hands on the BSE so far against the two-week daily average volume of 17,000 shares.

 AstraZeneca India shares zoom 20% after launch of type-2 diabetes drug

Reuters

In the last two trading sessions, the stock has gained nearly 6 percent, shrugging off the weak broad market sentiment.

According to the company, the drug will help remove excess glucose from the body via urine which is associated with reductions in glycated haemoglobin, weight and systolic blood pressure.

"Forxiga represents a significant advancement in the treatment of type 2 diabetes mellitus with global safety and efficacy data of four years. It is an important addition to our innovative anti-diabetic portfolio; strengthening our commitment to transform patient care in diabetes by offering an additional treatment option for over 63 million diabetic patients in India," said Sanjay Murudeshwar, managing director, AstraZeneca Pharma India.

The company has been in news in recent times after signing a deal with Sun Pharma under which the latter will promote and distribute AstraZeneca's Axcer drug in India. In another similar deal, the company has entered into a distribution agreement for its drug Riax with Dr Reddy's Laboratories.

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Updated Date: Jun 11, 2015 11:04:28 IST