Sun Pharmaceutical Industries rose 0.5% to Rs 678.75 at 11:30 IST on BSE after the company & Moebius Medical signed an exclusive global licensing deal to develop novel liposomal non-opiod pain product for osteoarthritis.
The announcement was made after market hours yesterday, 12 December 2016.Meanwhile, the BSE Sensex was up 70.19 points, or 0.26%, to 26,585.43.
On the BSE, 1.5 lakh shares were traded in the counter so far as against average daily volume of 4.7 lakh shares in the past one quarter. The stock had hit a high of Rs 682.50 and low of Rs 666.60, so far during the day. The stock had hit a 52-week high of Rs 898 on 23 February 2016. The stock had hit a 52-week low of Rs 572.40 on 9 November 2016.
The stock had underperformed the market over the past one month till 12 December 2016, falling 1.84% compared with the 1.13% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 14.06% as against Sensex's 6.48% decline.
The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Rs 1.
Sun Pharmaceutical Industries and Israel-based Moebius Medical, a biotechnology company that is developing novel pain relief treatments for osteoarthritis have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis.
MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.
MM-II is an intra-articular biolubricant injection which is being developed to provide symptomatic relief of mild-to-moderate osteoarthritis pain. The product is based on patent-protected technology licensed by Moebius Medical from the Hebrew University of Jerusalem, Technion Israel Institute of Technology and Hadassah Medical Centre.
According to the agreement, Sun Pharma will fund further development of Moebius Medical's lead product, MM-II, and undertake its global commercialization. To date, Moebius Medical has completed a first-in-man clinical study at Hadassah Medical Center, demonstrating the product's fast onset of action and its potentially better efficacy and comparable safety for alleviating osteoarthritis pain as compared to Hyaluronic Acid injection.
Moebius Medical will conduct requisite pre-clinical studies and will assume responsibility for product development and manufacturing through the end of phase-II studies. Sun Pharma will assume responsibility for further clinical studies, regulatory submissions and product commercialization. Moebius Medical will receive an upfront payment, development-based and sales-based milestone payments, and tiered royalties on sales from Sun Pharma.
On a consolidated basis, Sun Pharmaceutical Industries' net profit surged 90.2% to Rs 2471.11 crore on 13.2% growth in net sales to Rs 7764.03 crore in Q2 September 2016 over Q2 September 2015.
Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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