The drug major has acquired the rights to trademarks "Oxra", "Oxramet" and "Oxraduo" in India from AstraZeneca AB, Sweden, parent company of AstraZeneca Pharma India, with effect from 28 May 2021.
In addition Sun Pharma has also taken a patent license to manufacture and commercialize dapagliflozin and dapagliflozin with metformin combination in India from AstraZeneca AB with effect from 28 May 2021.Consequently, AstraZeneca India and Sun Pharma have now discontinued the distribution agreement signed in 2016 and have entered into a transition supply agreement with effect from 28 May 2021.
Under the transition supply agreement, AstraZeneca India will supply dapagliflozin and the combination of dapagliflozin with metformin to Sun Pharma until such period of time as mutually agreed between the parties, post which all supplies to Sun Pharma from AstraZeneca India shall cease.
Dapagliflozin is an oral diabetes medicine that helps control blood sugar levels.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
Also Read
The pharmaceutical major announced its earnings for the quarter and the year ended 31 March 2021 after market hours yesterday.
On a consolidated basis, Sun Pharma's net profit surged 123.62% to Rs 894.15 crore on 4.13% increase in total revenue from operations to Rs 8,522.98 crore in Q4 March 2021 over Q4 March 2020. The profit was impacted by an exceptional loss worth Rs 672.80 crore related to various litigation settlements pertaining to some of its subsidiaries.
The sale of branded formulations in India business for Q4 FY21 stood at Rs 2,670.90 crore, rising 12.9% over Q4 FY20. For US formulations (including Taro), sales were at $370 million, recording a decline of 1.3% over Q4 last year. The sales in Emerging Markets stood at $192 million for Q4 FY21, rising 2.8% from Q4 March 2020.
For Q4 FY21, external sales of Active Pharmaceutical Ingredients (API) stood at Rs 435.70 crore, falling 9.9% over Q4 FY20. Research & Development (R&D) investment for the quarter stood at Rs 557.10 crore, or 6.6% of sales as compared to Rs 536 crore, or 6.6% of sales for Q4 March 2020.
During the year, the drug major's net profit dropped 22.87% to Rs 2,903.82 crore on 2.01% rise in total revenue from operations to Rs 33,498.14 crore in FY 2021 over FY 2020. The company has repaid debt of about $580 million in FY21.
The scrip fell 3.87% to currently trade at Rs 672.70 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
