Aurobindo Pharma, a mid-size pharmaceutical company, has received the final approval from the US Food & Drug Administration (USFDA) to manufacture and market Repaglinide Tablets USP 0.5mg, 1mg and 2mg. The product is ready for launch.

Repaglinide Tablets USP 0.5mg, 1mg and 2mg are the generic equivalent of Novo Nordisk Inc’s Prandin Tablets USP 0.5mg, 1mg and 2mg indicated as an adjunct to diet and exercise to improve glycemic control in adults with type 2 diabetes mellitus. The market size of the product is estimated to be USD 274 million for the twelve months ending November 2013 according to IMS.

Aurobindo now has a total of 189 ANDA approvals (164 Final approvals including 7 from Aurolife Pharma LLC and 25 Tentative approvals) from USFDA.

Shares of the company declined Rs 10.15, or 2.33%, to settle at Rs 426.10. The total volume of shares traded was 469,092 at the BSE (Thursday).