Page 10 - Sun Pharma

Sun Pharmaceutical's vital signs: A strong dose of valuation multiples

The specialty segment and domestic business act as the lifeblood, coursing through the largest pharma company in the country, fuelling both revenue and margins

Shares of Sun Pharmaceutical jump over 2.5% on strong Q2 earnings

Shares of Sun Pharmaceutical Industries on Wednesday climbed over 2.50 per cent after the company said its consolidated net profit increased 5 per cent for the September quarter. The stock gained 2.52 per cent to settle at Rs 1,116.15 on the BSE. During the day, it jumped 2.90 per cent to Rs 1,120.30. At the NSE, it rallied 2.53 per cent to Rs 1,116.20. The stock emerged as the biggest gainer on both the Sensex and Nifty. The company's market valuation zoomed Rs 6,579.9 crore to Rs 2,67,795.49 crore. Sun Pharmaceutical Industries on Wednesday said its consolidated net profit increased 5 per cent to Rs 2,375 crore for the second quarter of the current fiscal, driven by robust sales across domestic and US markets. The drug major had reported a net profit of Rs 2,262 crore in the year-ago period. Total revenue from operations increased to 12,192 crore in the quarter, as compared to Rs 10,952 crore in the year-ago period, Sun Pharma said in a regulatory filing. Sun Pharma Managing

Sensex ends 284 pts lower, Nifty below 19K again; Asian Paints, metals drag

Stock market on November 1, 2023: On the positive front, Sun Pharma gained nearly 3 per cent; Debutant Blue Health hit upper circuit on debut.

Sun Pharma Q2FY24 results: Net profit surges 5% to Rs 2,375.5 crore

Sun Pharma Q2 results: As compared to Rs 2,022.5 crore in the previous quarter, the net profit was up 17.4%

Sun Pharma and Zydus Lifesciences partner to market kidney drug Desidustat

Under this licensing agreement, Zydus has granted Sun Pharma semi-exclusive rights to co-market Desidustat in India

Zydus, Sun Pharma ink licensing pact to co-market CKD treatment drug

Zydus Lifesciences on Monday said it has inked a pact with Sun Pharma to sell in the country an oral treatment medication for anemia associated with chronic kidney disease (CKD). The companies have entered into a licensing agreement to co-market the innovative drug, Desidustat, in India, Zydus said in a regulatory filing. Under the terms of the agreement, Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India, it stated. Sun Pharma will market the drug under the brand name Rytstat, it added. Zydus has launched the drug under the brand name Oxemia in 2022 and will continue to market it in the domestic market. As part of the deal, Zydus will receive upfront licensing income and is eligible to receive milestone income based on achievement of pre-defined milestones, the drug firm noted. "Desidustat which is one of the critical treatment options for CKD patients has substantially improved the patients' quality of life since it is more convenient to take a

Sun Pharma recalls 144 bottles of anti-depression drug from US market

Sun Pharmaceutical Industries Inc has recalled 144 bottles of a generic anti-depression medicine from the US market due to a manufacturing issue, according to the US Food and Drug Administration (USFDA). The US-based subsdiary of the Mumbai-headquartered drug company initiated the recall for the affected lot of Bupropion Hydrochloride extended-release tablets due to "failed dissolution specifications,", the US health regulator said in its latest Enforcement Report. The affected lot was manufactured at Sun Pharma's Halol-based plant in Gujarat and was distributed in the US by Sun Pharmaceutical Industries Inc, based in Princeton, New Jersy, it said. Bupropion is a medication commonly used to treat depression. The US-based drug maker initiated the voluntary Class III nationwide (US) recall on October 4 this year. As per the US FDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health ...

Phase-IV data shows Cequa helped improve dry eye disease: Sun Pharma

Cequa or cyclosporine ophthalmic solution is indicated to increase tear production in patients with dry eye

Israel-Hamas conflict: Rising energy costs likely to weigh on India Inc

An Adani Ports & SEZ statement said the company is closely monitoring the situation at its port, which is situated in the North - far away from the conflict zone

Sun Pharma, Aurobindo recall drugs from US market due to mfg issues

Leading drug makers Sun Pharmaceutical Industries and Aurobindo Pharma are recalling products from the US market due to manufacturing issues, according to the US Food & Drug Administration. As per the latest Enforcement Report issued by the American health regulator, a US-based subsidiary of Mumbai-based Sun Pharma is recalling 69,707 cartons of Cequa (cyclosporine ophthalmic solution) from the US market. The medication is used for the treatment of dry eyes. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the product for being "Subpotent', USFDA stated. The company initiated the nationwide (US) Class III recall on September 7 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". The US health regulator stated that Aurobindo Pharma is recalling 9,890 bottles of Rasagiline Tablets, a medication indicated for the treatment of Parkinson's ..

US FDA approves NDA for Sun Pharma's alopecia drug Deuruxolitinib

Sun Pharma's NDA submission comprised data from two Phase-III trials, 'THRIVE-AA1' and 'THRIVE-AA2,' involving over 1,200 patients across more than 135 clinical trial sites

FDA has accepted NDA for dermatological drug Deuruxolitinib: Sun Pharma

Sun Pharmaceutical Industries Ltd said that it had submitted an 8mg twice-daily regimen of deuruxolitinib for FDA review

Stocks to Watch today: Rate sensitives, PB Fintech, Vedanta, IndiGo, GCP

Stocks to Watch on Friday, October 6, 2033: SoftBank Group is likely to sell shares worth up to $105 million in PB Fintech via block deals

Stocks to Watch today: Adani Group, TVS, Bajaj Auto, ICICI Lombard, Emami

Stocks to watch on Friday, September 29, 2023: Shares of Adani Group to be in focus amid reports that Abu Dhabi conglomerate IHC plans stake stake in Adani Green and Adani Energy Solutions.

Sun Pharma to buyout local partner Indi Pharma in Mexican subsidiary

Sun Pharmaceutical Industries Ltd on Thursday said it will buy out local partner Indi Pharma from its Mexican arm for MXN 161.85 million (over Rs 75 crore). The company has signed a binding letter of intent to acquire the balance 25 per cent outstanding shares of Sun Pharma de Mexico, SA de CV, a subsidiary where it currently holds 75 per cent shares, Sun Pharmaceutical Industries said in a regulatory filing. The balance of 25 per cent is held by local partner Indi Pharma S.A.P.I. de CV, it added. The cost of acquisition is MXN 161.85 million, it added. "The acquisition enables Sun Pharma to acquire the balance 25 per cent stake held by the local partner," the company said, adding it would be done through a wholly-owned subsidiary Sun Pharma (Netherlands) B.V. The acquisition is likely to be completed by October 31, 2023, and after that, Sun Pharma de Mexico SA de CV will become a wholly-owned subsidiary of the company, it said. Sun Pharma de Mexico is engaged in the marketing an

LIC sells 2% shares in Sun Pharma via open market sale, stake now at 3.012%

The transaction was done via open market sale and the stake was sold between July 22 and September 13

Sun Pharma unit inks pact with US firm to introduce drug to treat stroke

Sun Pharmaceutical Industries on Thursday said one of its wholly-owned subsidiary unit has tied up with US-based Pharmazz Inc to commercialise a drug used to treat cerebral ischemic stroke in India. One of the company's wholly-owned subsidiaries has entered into a license agreement with the US-based biopharmaceutical company to commercialise a first-in-class innovative drug, Tyvalzi, in the country, the Mumbai-based drug major said in a statement. Developed by Pharmazz for potential global use, Sovateltide, is indicated for treating cerebral ischemic stroke. As per agreement terms, Sun Pharma is granted rights for marketing Sovateltide in India under the brand name Tyvalzi (Sovateltide), the company said. Pharmazz will be entitled to upfront and milestone payments, including royalties, it added. "The Phase 3 clinical trial for Tyvalzi conducted in India demonstrated statistically and clinically meaningful improvement in neurological outcomes in ischemic stroke," Sun Pharma India .

Sun Pharma, Pharmazz enter agreement to introduce Sovateltide in India

Sun Pharma said in a filing that it has been granted rights for marketing Sovateltide in India under the brand name Tyvalzi

Sun Pharma aims to spend 7-8% of sales on R&D activities this fiscal

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. "Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D," Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses. Shanghvi said the expansion of its global specialty business .

Taro stake buyout to help operate dermatology biz profitably: Sun Pharma

Sun Pharma is looking to fully acquire its Israel-based unit Taro Pharmaceutical Industries in order to integrate the dermatology business with itself and keep it profitable amid increasing competition in the segment, according to Managing Director Dilip Shanghvi. The Mumbai-based drug major has proposed to fully acquire Taro through a reverse triangular merger. The company has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns around 78 per cent stake in Taro. "My own assessment is that the dermatology business, which is the primary focus for Taro, is a business under constant, increasing competition pressure," Shanghvi said in an analyst call. He further said: "And as a stand-alone company, it will be very difficult for Taro as an independent company to continue to operate that business profitably. S