Dishman Pharma shares hit all-time high on FDA nod for cancer drug

Shares of Dishman Pharmaceuticals jumped as much as 20 per cent to hit all-time high as the company has got FDA nod for cancer drug.

The company's partner Tesaro Inc has got U. Food and Drug Administration (FDA) nod for ovarian cancer drug Niraparib.

Niraparib kills cancer cells by inhibiting the production of proteins called PARPs, which help repair damaged DNA strands.

Research firm Dolat Capital says this drug has the potential to become very large given it is the first PARP inhibitor available as of now.

"We expect revenues from this molecule to Dishman can be anywhere between $40-80 million,'' Dolat Capital says.

More than 2.2 million shares traded, over twice their 30-day moving average.

Dishman stock was up 7.3 per cent this year as of Monday's close.