Sun Pharma shares surge 4% on drug approval from USFDA

Shares of Sun Pharmaceutical ended 4 per cent higher today after one of its subsidiaries received USFDA approval to manufacture and market generic version of Novartis' Gleevec, used in treatment of cancer, in the US.
The stock settled at Rs 756.10, up 4.02 per cent from its previous close on BSE. During the day, it surged 6.34 per cent to Rs 773.
At NSE, shares of the company rose 3.92 per cent to end at Rs 755.40.
The company added Rs 7,025.67 crore to Rs 1,81,953.67 crore in market valuation.
The stock was the top gainer among the Sensex and Nifty indices.

In terms of volume, 19.33 lakh shares of the company changed hands at BSE and over 2 crore shares were traded at NSE during the day.

"One of its subsidiaries has received final approval from USFDA for its Abbreviated New Drug Application (ANDA) for generic version of Gleevec, Imatinib Mesylate tablets", Sun Pharmaceutical said in a BSE filing today.
"The approval has been granted for Imatinib Mesylate tablets of 100 mg and 400 mg strengths. Imatinib Mesylate tablets, 100 mg and 400 mg, are therapeutic equivalents of Novartis' Gleevec tablets", it added.
In the broader market, the benchmark BSE Sensex ended at 25,638.11, down 248.51 points.