Bangladesh-based generic drug manufacturer Beximco (BXP: AIM) receives a welcome shot in the arm as the US Food Drug Administration's (FDA) approves its Sotalol Hydrochloride product.

Shares in the firm are up nearly 20% to 54.5p.

Sotalol Hydrochloride is a generic version of the cardiovascular drug Betapace, which is used to treat heart rhythm disorders of the ventricles.

The approval will allow Beximco Pharma to produce Sotalol tablets in different strengths with an expected launch date of early 2017.

Beximco graph

Managing director Nazmul Hassan says: ‘Sotalol was fully developed in-house and this approval demonstrates our continued focus on strengthening capabilities, especially our R&D and regulatory skills.’

This is the second product to be approved by the FDA after Carvedilol, which is a prescription drug to treat hypertension.

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Issue Date: 25 Oct 2016