Sun Pharma gains as unit receives USFDA approval for generics

The announcement was made on Saturday, 13 April 2013.

Meanwhile, the BSE Sensex was down 65.32 points, or 0.36%, to 18,177.24.

On BSE, 1,251 shares were traded in the counter as against an average daily volume of 76,892 shares in the past one quarter.

The stock hit a high of Rs 879.90 and a low of Rs 874 so far during the day. The stock had hit a record high of Rs 882 on 12 April 2013. The stock had hit a 52-week low of Rs 554 on 5 June 2012.

The stock had outperformed the market over the past one month till 12 April 2013, rising 5.17% compared with the Sensex's 6.76% fall. The scrip had also outperformed the market in past one quarter, gaining 17.77% as against Sensex's 7.23% fall.

The large-cap pharmaceutical company has an equity capital of Rs 103.56 crore. Face value per share is Re 1.

Sun Pharmaceutical Industries announced that the US Food and Drug Administration (FDA) has granted the company's subsidiary, two tentative approvals for its Abbreviated New Drug Applications (ANDA) for generic version of Januvia, Sitagliptin Tablets and generic version of Glumetza, Metformin HCl Extended-release tablets.

Sitagliptin tablets, 25 milligram (mg), 50 mg and 100 mg are therapeutic equivalents of Merck Sharp & Dohme Corporation's Januvia tablets. Sitagliptin tablets have annual sales of approximately $2.7 billion in the US. Sitagliptin tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus, Sun Pharma said in a statement.

Metformin HCl Extended-release tablets, 500 mg and 1000 mg are therapeutic equivalents of Santarus Inc's Glumetza tablets. Metformin HCl Extended-release tablets have annual sales of approximately $140 million in the US. Metformin HCl Extended-release tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus, Sun Pharma added.

Sun Pharmaceutical Industries' consolidated net profit jumped 31.9% to Rs 881.30 crore on 33% growth in net sales to Rs 2852.01 crore in Q3 December 2012 over Q3 December 2011.

Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, the United States and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, gastroenterology, nephrology, orthopedics and ophthalmology. Sun Pharma has strong skills in product development, process chemistry, and manufacturing of complex active pharmaceutical ingredients (APIs), as well as dosage forms.

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