Sun Pharma hits new high on USFDA nod for Repaglinide Tablets
The stock has outperformed the market by surging 18.2% from its recent low of Rs 940 on June 26, compared to 6.8% rise in Sensex.
Sun Pharmaceutical Industries is trading higher by nearly 1% to Rs 1,101 after the company announced US FDA has granted its subsidiary final approval for its Abbreviated New Drug Applications (ANDA) for generic version of Prandin®, Repaglinide tablets.
Repaglinide tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus. These tablets have annual sales of approximately $ 200 million in the US, Sun Pharma said in a release.
Sun Pharma’s subsidiary, being the first-to-file an ANDA for generic Prandin® with a Para IV certification, is eligible for a 180-day marketing exclusivity in the US. The product on a conservative basis will contribute around $30-40 million to the sales of the company in FY2014.
Repaglinide tablets, 1 mg and 2 mg are therapeutic equivalents of Novo Nordisk’s Prandin® tablets, it added.
The stock opened at Rs 1,105 and touched a record high of Rs 1,111 on BSE. A combined around 128,000 shares have changed hands on the counter till 0950 hours on BSE and NSE.
Meanwhile, the pharma stock has outperformed the market by surging 18.2% from its recent low of Rs 940 on June 26, compared to 6.8% rise in benchmark Sensex during the same period.
Repaglinide tablets are indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus. These tablets have annual sales of approximately $ 200 million in the US, Sun Pharma said in a release.
Sun Pharma’s subsidiary, being the first-to-file an ANDA for generic Prandin® with a Para IV certification, is eligible for a 180-day marketing exclusivity in the US. The product on a conservative basis will contribute around $30-40 million to the sales of the company in FY2014.
Repaglinide tablets, 1 mg and 2 mg are therapeutic equivalents of Novo Nordisk’s Prandin® tablets, it added.
The stock opened at Rs 1,105 and touched a record high of Rs 1,111 on BSE. A combined around 128,000 shares have changed hands on the counter till 0950 hours on BSE and NSE.
Meanwhile, the pharma stock has outperformed the market by surging 18.2% from its recent low of Rs 940 on June 26, compared to 6.8% rise in benchmark Sensex during the same period.
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First Published: Jul 12 2013 | 9:54 AM IST