Sun Pharma gains after receiving USFDA nod for generic drug

Sun Pharmaceutical Industries rose 0.87% to Rs 789 at 12:15 IST on BSE after the company announced that one of its subsidiaries received final approval from the US drug regulator for generic version of Crestor.

The announcement was made during market hours today, 20 July 2016.

Meanwhile, the BSE Sensex was up 388.78 points, or 1.43%, to 27,515.68.

On BSE, so far 55,127 shares were traded in the counter, compared with average daily volume of 2.89 lakh shares in the past one quarter. The stock hit a high of Rs 789.60 and a low of Rs 782 so far during the day. The stock hit a 52-week high of Rs 965.15 on 20 August 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had outperformed the market over the past one month till 19 July 2016, gaining 5.3% compared with 4.36% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 6.52% as against Sensex's 7.64% rise.

The large-cap company has an equity capital of Rs 240.68 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries announced that one of its subsidiaries received final approval from United States Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for generic version of Crestor, Rosuvastatin Calcium tablets 5 mg (base), 10 mg (base), 20 mg (base) and 40 mg (base).

Rosuvastatin Calcium tablets are therapeutic equivalents of IPR Pharmaceuticals, Inc.'s Crestor tablets. As per IMS MAT May 2016 data, these tablets have annual sales of approximately $6.8 billion in the US. These tablets are indicated for the treatment of adult patients with Hypertriglyceridemia, Primary Dysbetalipoproteinemia (Type III Hyperlipoproteinemia) and adult patients with Homozygous Familial Hypercholesterolemia.

Sun Pharmaceutical Industries' (Sun Pharma) consolidated net profit rose 92.7% to Rs 1713.69 crore on 21.5% growth in net sales to Rs 7413.87 crore in Q4 March 2016 over Q4 March 2015.

Sun Pharmaceutical Industries is a specialty generic pharmaceutical company and India's top pharmaceutical company.

Powered by Capital Market - Live News