Concord Biotech receives USFDA approval for sclerosis treatment drug

Concord Biotech on Tuesday, April 8, announced that it received marketing approval for its teriflunomide 7 mg and 14 mg tablets from the United States Food and Drug Administration (USFDA).

Teriflunomide tablets are used for the treatment of patients with relapsing forms of multiple sclerosis, the regulatory filing said.

“This approval reinforces our capability in successfully developing and commercializing a differentiated product portfolio for the U.S. market,” the pharmaceutical said.

The Teriflunomide tablets have a market size of approximately $402 million in the United States of America and a global market size of about $908 million, according to IQVIATM.

The market size of this tablet presents significant opportunities for expansion in the US and the global market, Concord said.

Concord Biotech share performance

Shares of Concord closed in the green at ₹1,596.55 apiece, down 0.92% on the National Stock Exchange (NSE) on Tuesday. However, the announcement was made after the market had closed.

The stock traded flat at 0.02% over the last week and lost 5% on a month-to-date basis. The scrip has fallen 27.78% since the beginning of the year.

It hit a 52-week high of ₹2,664.00 on September 20, 2024 and a low of ₹1,327.05 on June 4, 2024.

Concord Biotech has a total market capitalisation of ₹16,667.98 crore as of April 8 on the NSE.