Sun Pharma up 3% on tie up with Merck & Co
Indian drug maker Sun Pharmaceutical today surged as much as 3% in morning trade on BSE and NSE amid news that the company is likely to enter into a marketing tie up with US drug major Merck & Co.
Shares of Sun Pharma touched Rs 455.90, a jump of 3% over its previous closing price on the Bombay Stock Exchange.
A similar trend was witnessed in National Stock Exchange where the scrip surged by 3% to Rs 454.90 a piece.
The partnership, if announced, would be the second such large scale sales and marketing tie up between a multinational and local drug maker this year after German drug firm Bayer AG announced a joint marketing venture with Ahmedabad-based Cadila Healthcare in January.