Concord Biotech (NSE:CONCORDBIO, BOM:543960) has received approval from the US Food and Drug Administration (US FDA) for its Tofacitinib Tablets in strengths of 5 mg and 10 mg, according to a Wednesday filing to the Indian stock exchanges.

Tofacitinib tablets are used to treat adult patients with active rheumatoid arthritis, active psoriatic arthritis, active ankylosing spondylitis, ulcerative colitis, and polyarticular course juvenile idiopathic arthritis.

The statement quoted market estimates to show that the US market for Tofacitinib Tablets of both strengths combined is around $500 million.

The company's shares were up nearly 4% in recent trade.