Shares of Granules India Ltd were trading 2% higher on 30 April after it announced receiving approval from the US health authorities to market a medication that either prevents or treats gout attacks.

In its regulatory filing, the company said that its wholly-owned subsidiary, Granules Pharmaceuticals, Inc., has received approval from the US Food & Drug Administration (USFDA) for Colchicine Capsules (0.6 mg).

Furthermore, the product of the company was said to have medicinal similarities with Hikma International Pharmaceuticals LLC’s Mitigare Capsules (0.6 mg). Adults are advised to take colchicine pills to avoid gout flare-ups.

Industry insiders predict that the US Colchicine Capsules market is currently worth USD 55 million a year.

At 2:45 pm, the shares of Granules were trading 1.17% higher at Rs 425.45 on NSE.