The company made this announcement on Saturday, 28 April 2012.

Meanwhile, the BSE Sensex was up 71.90 points or 0.42% to 17,259.24.

On BSE, 8,058 shares were traded in the counter as against average daily volume of 1.75 lakh shares in the past two weeks.

The stock hit a high of Rs 180.10 and a low of Rs 178 so far during the day.

Orhcid Chemicals & Pharmaceuticals received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Olanzapine tablets in 2.5 milligram (mg), 5 mg, 7.5 mg, 10 mg, 15 mg and 20 mg strengths.

Olanzapine tablets are generic equivalent of Eli Lilly's Zyprexa tablets. For the twelve months ended 31 December 2011, the total sales for this product in US were approximately $3.3 billion.

Orchid Chemicals & Pharmaceuticals reported net loss of Rs 11.07 crore in Q3 December 2011, compared with net profit of Rs 56.62 crore in Q3 December 2010. Net sales rose 4.2% to Rs 482.10 crore in Q3 December 2011 over Q3 December 2010.

Orchid Chemicals & Pharmaceuticals is a leading pharmaceutical company headquartered in Chennai. The company is involved in the development, manufacture and marketing of diverse bulk activities, formulations and nutraceuticals.