Sun Pharmaceutical Industries rose 2.17% to Rs 394.70 after the drug major announced the launch of CEQUA solution for the treatment of dry eye disease in the US.
Sun Pharmaceutical Industries announced before market hours today, 14 October 2019, that one of its wholly-owned subsidiaries has commercialized CEQUA (cyclosporine ophthalmic solution) 0.09% in the United States.CEQUA, which offers the highest concentration of cyclosporine for ophthalmic use approved by the U.S. Food and Drug Administration (USFDA), is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye), an inflammatory disease that afflicts more than 16 million people in the U.S.
CEQUA is the first and only USFDA-approved cyclosporine treatment delivered with nanomicellar (NCELL) technology, which helps to improve the bio availability and physicochemical stability of cyclosporine, resulting in improved ocular tissue penetration.
Recently, Sun Pharma's Netherlands subsidiary had concluded its acquisition of PJSC Biosintez, Russia. The acquired entity is mainly engaged in the manufacture and marketing of pharmaceutical products used in hospital segment of the market, with presence in Russia and CIS countries.
Meanwhile, the S&P BSE Sensex was up 226 points or 0.59% to 38352.91.
On the BSE, 86,235 shares were traded in the Sun Pharma counter so far compared with average daily volumes of 2.44 lakh shares in the past two weeks. The stock hit a high of Rs 396.6 and a low of Rs 386.3 so far during the day.
The stock hit a 52-week high of Rs 616.5 on 22 Oct 2018. The stock hit a 52-week low of Rs 350.4 on 13 May 2019.
On a consolidated basis, the pharmaceutical company's net profit rose 31.2% to Rs 1,387.48 crore on a 15.7% rise in the net sales to Rs 8,259.30 crore in Q1 June 2019 over Q1 June 2018.
Sun Pharma is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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