Shares of Medicamen Biotech surged today, jumping 14.29% to hit ₹507 on the BSE during intraday trading. This remarkable surge came soon after the company announced that its General Tablet and Liquid Oral Formulation facility at Bhiwadi has received the coveted EU GMP certification from the National Organisation for Medicines, Greece.
As of 1:33 pm, the shares were trading at ₹485.85, marking a 9.52% rise from the previous close of ₹443.60.
In a regulatory filing, the company revealed that the facility at SP 1192 A & B, Phase IV, Industrial Area, Bhiwadi has finally achieved EU GMP certification – a major achievement that significantly enhances Medicamen Biotech’s credibility and market reach.
Founded in December 1993, the Medicamen Group has evolved with a vertically integrated setup for R&D, APIs and formulations.
The company’s current focus is on a range of oncology therapeutics and other generic drugs, with the aim to dominate the global oncology generic market by providing high-quality, affordable medicines.
Additionally, Medicamen is developing ten non-oncology formulations for EU market filing, expanding their portfolio even further.
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As of September 12, 2024, Medicamen Biotech has a market capitalization of ₹617.74 crore and is part of the BSE Smallcap Index.
The stock has gained an impressive 16.15% in the last week alone and 20% in the last month. However, the shares have gained 20.02% in the last six months, but they are still lagging behind, declining 28.39% over the last year.
Today, the bullish trend continued as nearly 0.37 lakh equity shares, worth approximately ₹1.85 crore, changed hands on the BSE. Despite these recent gains, Medicamen Biotech shares remain at a steep discount of 36% from their 52-week high of ₹765 reached on September 28, 2023.
This fresh surge in the stock price reflects investor optimism driven by the EU GMP certification, a game-changer that is expected to open up new markets and present attractive opportunities for the company. With momentum building, Medicamen Biotech is set for an exciting journey driven by strategic growth and expanded global reach.
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