Marksans Pharma Ltd announced on Wednesday that it had received approval from the US Food and Drug Administration department on its new Drug application for pain relief drugs.

The share of Marksans Pharma rallied up to 9% and reached a new 52-week high of Rs 103 on July 12.1 crore Marksans Pharma shares were traded on the exchanges, which is thrice its monthly trading average.

The company received approval to manufacture Acetaminophen and Ibuprofen tablets used to reduce multiple pain-related symptoms. Marksans Pharma’s new tablet is similar to GlaxoSmithKline Consumer Healthcare’s Advil Dual Action.

Managing Director Mark Saldanha said, “We are committed to expanding our portfolio in pain management; this approval further demonstrates our regulatory and manufacturing capabilities and strength to follow a focused growth approach,”.

The Pharma company’s revenue grew by 24% YoY to Rs 1,1911 crore in FY23, and the net profit increased 42% to Rs 266 crore for the same fiscal year.