US drug authority's approval boosts Sun Pharmaceutical

DALAL STREET SPIKES

Sun Pharmaceutical Industries rose 1.67 per cent to close at Rs 1,181.20 on Thursday after the company received an approval from the US Food and Drug Administration (FDA) for marketing the generic version of sinemet, carbidopa and levodopa tablets, used in the treatment of Parkinson’s disease.

The company made this announcement on November 5 (Wednesday) after market hours. Annual sales of the drug in the three tablet strengths is about $70 million in the US. The stock touched an intraday high of Rs 1,112 and a low of Rs 1,196.15 with trading volumes of 62,970 shares.