1. Sun Pharma gains as subsidiary gets USFDA nod for generic diabetes drug

Sun Pharma gains as subsidiary gets USFDA nod for generic diabetes drug

Sun Pharmaceutical Industries shares gained on Tuesday after its subsidiary received final approval from USFDA for generic diabetes drug.

By: | Updated: August 2, 2016 5:06 PM
Sun Pharma gains as subsidiary gets USFDA nod for generic diabetes drug Sun Pharmaceutical Industries shares gained after its subsidiary received final approval from USFDA for generic diabetes drug. (Photo: Reuters)

Sun Pharmaceutical Industries shares gained on Tuesday after its subsidiary received final approval from USFDA for generic diabetes drug. The company has got nod for its Abbreviated New Drug Application (ANDA) for generic version of Glumetza, Metformin Hydrochloride extended release tablets 500 mg and 1000 mg. The Metformin Hydrochloride extended release tablets are therapeutic equivalents of Santarus Inc.’s Glumetza tablets. As per IMS MAT June 2016, these tablets have annual sales of approximately $1.2 billion in the US. The commercial launch of these tablets in the US is expected over the next few weeks.

At 11.24 am, the scrip was trading 0.66 per cent up at Rs 840.60. The scrip opened at Rs 838.95 and has touched a high and low of Rs 848 and Rs 838.00, respectively, in trade so far. Later, the share price of the company gave up on gains and closed 0.76 per cent down at Rs 828.75.

The BSE group ‘A’ stock of face value Rs 1 has touched a 52-week-high of Rs 965.15 on Aug 20, 2015 and a 52-week-low of Rs 706.40 on Nov 24, 2015.

Last one week high and low of the scrip stood at Rs 848 and Rs 791 respectively. The current market cap of the company is Rs 2,02,619.00 crore.

The promoters holding in the company stood at 54.97 per cent, while Institutions and Non-Institutions held 34.96 per cent and 10.07 per cent, respectively.

Sun Pharma is the world’s fifth largest specialty generic pharmaceutical company.

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