Sun Pharma gains after launch of generic Welchol tablets in US

Sun Pharmaceutical Industries rose 0.53% to Rs 482.65 at 9:37 IST on BSE after the company said it launched generic version of Welchol tablets in US.

The announcement was made after market hours yesterday, 17 May 2018.

Meanwhile, the S&P BSE Sensex was down 167.18 points, or 0.48% to 34,981.94.

On the BSE, 83,000 shares were traded in the counter so far compared with average daily volumes of 3.64 lakh shares in the past two weeks. The stock had hit a high of Rs 489.70 and a low of Rs 481 so far during the day. The stock hit a 52-week high of Rs 656.75 on 19 May 2017. The stock hit a 52-week low of Rs 433.15 on 14 August 2017.

Sun Pharmaceutical Industries announced that one of its wholly-owned subsidiaries has launched in US, the Authorized Generic (AG) version for Daiichi Sankyo Inc.'s Welchol (colesevelam hydrochloride) 625mg tablets. The launch is pursuant to a distribution and supply agreement between Sun Pharma's wholly owned subsidiary and Daiichi Sankyo Inc., which grants the Sun Pharma subsidiary, exclusive rights to distribute these tablets in the US for a pre-determined period. Welchol Tablets recorded US sales of approximately $520 million for the 12 months ending March 2018, as per IQVIA.

On a consolidated basis, net profit of Sun Pharmaceuticals Industries declined 76.8% to Rs 400.17 crore on 14.1% decline in net sales to Rs 6598.21 crore in Q3 December 2017 over Q3 December 2016.

Sun Pharma is one of the leading specialty generic pharmaceutical companies in the world and India's top pharmaceutical company.

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