Cipla shares surged 16 percent to hit its 52-week high on Thursday after the pharma major announced that it has received a nod from the United States Food and Drug Administration (USFDA) for its for asthma medication - Albuterol Sulfate Inhalation Aerosol 90mcg actuation.

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This is the first AB-rated generic therapeutic equivalent version of Merck Sharp & Dohme Corp’s Proventil HFA Inhalation Aerosol. It is used for the treatment of acute episodes of bronchospasm or prevention of asthmatic symptoms, it added.

“We are pleased to receive the final approval for generic Albuterol MDI from the USFDA. This further strengthens our presence in the US market," said Umang Vohra, MD and Global CEO of Cipla.

This development reiterates our commitment to strengthening our respiratory franchise and will further solidify our position as a lung leader globally. We will continue to build on our portfolio of drug-device combinations in the respiratory space to serve the unmet needs of our patients across markets,” Vohra added.

The stock jumped 16 percent to its 52-week high of Rs 595 per share on BSE. At 10:48 am, the stock was trading 11.7 percent higher at Rs 572.85 as compared to a 2.4 percent or 721 points rise in BSE Sensex at 30,592.