Sun Pharma jumps after receiving FDA approval for generic Doxil

The announcement was before trading hours today, 5 February 2013.

Meanwhile, the BSE Sensex was down 67.01 points, or 0.34%, to 19684.18.

On BSE, 70,000 shares were traded in the counter as against an average daily volume of 50,996 shares in the past one quarter.

The stock hit a high of Rs 752.10 and a low of Rs 727.60 so far during the day. The stock had hit a record high of Rs 775.90 on 20 December 2012. The stock had hit a 52-week low of Rs 532.10 on 7 February 2012.

The stock had underperformed the market over the past one month till 4 February 2013, falling 2.26% compared with the Sensex's 0.17% fall. The scrip had also underperformed the market in past one quarter, rising 3.01% as against Sensex's 5.31% rise.

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

Sun Pharmaceutical Industries said that US Food and Drug Administration (USFDA) has granted the company's subsidiary an approval for its Abbreviated New Drug Application (ANDA) for generic version of Doxil, Doxorubicin HCl Liposome Injection USP, 2 mg/mL, packaged in 20 mg/10 mL and 50 mg/25 mL single-use vials.

This generic Doxorubicin HCl Liposome injection USP, 2 mg/mL is therapeutically equivalent to Doxil Liposome Injection, 2 mg/mL of Janssen Research and Development, LLC. Doxorubicin HCl liposome injection is used to treat patients with ovarian cancer that has progressed or recurred after platinum-based chemotherapy.

Sun Pharmaceuticals Industries' consolidated net profit fell 46.5% to Rs 319.64 crore on 40.3% growth in net sales to Rs 2657.24 crore in Q2 September 2012 over Q2 September 2011. The company will announce Q3 results on 8 February 2013.

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, diabetology, gastroenterology, orthopedics, and opthalmology. 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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