Zydus shares rise after USFDA approves Eluxadoline tablets

Zydus Lifesciences shares increased nearly 2% to Rs 899.40 after receiving approval from the US Food and Drug Administration for Eluxadoline Tablets, used to treat irritable bowel syndrome with diarrhea. The company will manufacture the tablets in Ahmedabad. With this approval, Zydus gains 180 days of shared generic drug exclusivity. Eluxadoline tablets had annual sales of $243.7 million in the US. Zydus has a total of 419 approvals and has filed 483 abbreviated new drug applications since 2003. Analysts have set an average target price of Rs 1,066 for Zydus shares, suggesting a 21% potential increase. However, technical indicators show a bearish trend, with the stock trading below several moving averages.