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Ahmedabad-based Claris Lifesciences Ltd said today that it has received an in-principle approval for its anaesthetic drug Propofol in the European Union (EU), enabling the company to process its registration across 25 countries in the Union.
Propofol, a flagship product of Claris, is an anaesthetic drug replacing other similar products, as recovery from Propofol is faster.
The molecule involves a complex manufacturing technology, and has few competitors worldwide, the company said.
On Wednesday, the company's share price at the BSE closed 2.54 per cent up at Rs 185.65.
Europe has one of the most complex procedures for obtaining regulatory approvals. Claris is one of the few companies to have received approval for Propofol in Europe.
The market size for Propofol is estimated to be at $750 million worldwide and $150 million in the EU. This registration will benefit Claris as EU is a lucrative market both in terms of revenue and margins.
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