Sun Pharma shares gain on US FDA approval of bone drug

Reuters Posted online: Wednesday, Feb 19, 2014 at 0000 hrs
Mumbai : Shares in Sun Pharmaceuticals Industries gain 1.5 per cent after the company got U.S. Food and Drug Administration approval to sell a drug to treat Osteoporosis, a bone-weakening disease.

Currently the drug, Ibandronate Sodium, is marketed by Roche under the brand name Bovina.

"Bovina generated an annual sales of $82 million in 2012. Currently, Sun Pharma is the only generic player to have final approval for this product," brokerage Sharekhan said in a note on Wednesday.

More players would be able to sell the drug after its patent expiry on Sept. 2, 2014, Sharekhan said.