Jubilant Pharmova’s share price surged up over 6% on Monday morning to hit an intraday high of ₹438.90.

What Happened: The company on Saturday announced that its subsidiary Jubilant Draximage Inc. has received approval from the U.S. FDA for its abbreviated new drug application (ANDA) related to the preparation kit for Technetium (Tc 99m) Sulfur Colloid Injection under section 505(j) of the Federal Food, Drug, and Cosmetic Act (FD&C). This approval grants the pharma company 180 days of exclusivity through the ‘Competitive Generic Therapy’ designation by the US FDA.

Technetium Sulfur Colloid Injection serves multiple medical imaging purposes. It is crucial for localizing metastatic lymph nodes in breast cancer and melanoma patients. Additionally, it aids in imaging the liver, spleen, and bone marrow.

See Also: This Small Cap Stock Missed Q2 Estimates, But Analysts Still See Over 44% Upside

The injection is used in studies involving oesophagal transit, gastroesophageal reflux, and the detection of pulmonary aspiration of gastric contents. This radiopharmaceutical plays a vital role in diagnostic imaging procedures, contributing to the diagnosis and management of conditions, especially in oncology and gastrointestinal studies.

It is the company’s second product to be launched in FY24 (April 2023- March 2024) after the approval and launch of Technetium Mertiatide Injection during the June quarter.

Price Action: Jubilant Pharmova’s share price was up 3.76% to trade at ₹427.80 in early trade on Monday.

Read Next: Why This Tata Stock Is Sliding Today