Sun Pharmaceuticals shares gain on US FDA approval of schizophrenia drug

Written by fe Bureau | Mumbai | Updated: Mar 12 2014, 19:04pm hrs
Shares of Sun Pharmaceuticals Industries jumped more than 3% in intra-day trading as the U.S. Food and Drug Administration posted approval for the company's generic schizophrenia drug on its website.

The company's Detroit-based subsidiary, Caraco Pharmaceutical Laboratories, won approval for the therapy, generically named risperidone on March 10, according to the USFDA website.

Risperidone is the generic equivalent of Johnson and Johnson's blockbuster antipsychotic medication, Risperidal, which lost patent protection in 2008.

Shares of the Mumbai-based company were trading up 3.27% at Rs 599.40 at 11:00 am IST on Wednesday on the BSE.