In a joint statement on Friday, Sun Pharma and its research arm SPARC said the USFDA has approved its new drug application of Xelpros.
Shares of Sun Pharmaceutical Industries and its research arm Sun Pharma Advanced Research Company (SPARC) surged up to 7% on the domestic bourses on Friday after the US Food and Drug Administration (USFDA) gave its nod for the new Xelpros drug. Shares of SPARC shares rose by 7.18% to an intra-day high of Rs 411 on the BSE during early morning deals on Friday. Sun Pharma shares edged higher by 3.25% to Rs 670.95 per share.
Around 12 pm, SPARC shares were trading 1.75% higher at Rs 661.25 per share, while Sun Pharma shares traded 4.38% higher at Rs 400.25. In a joint statement on Friday, Sun Pharma and its research arm SPARC said the USFDA has approved its new drug application of Xelpros. It said the approval is from Sun Pharma’s Halol (Gujarat) facility. Xelpros is used to reduce open-angle glaucoma or ocular hypertension.
“Sun Pharma in-licensed XELPROS from SPARC in June 2015 and this approval will trigger a milestone payment to SPARC,” the joint statement said. SPARC is also eligible for milestone payments and royalties on the commercialisation of Xelpros in the US, it added. “Approval of XELPROSTM by USFDA is a significant milestone for SPARC. It is also a validation of our SMM technology which helps to solubilize drugs that have limited or no solubility thus eliminating the need for benzalkonium chloride (BAK),” said Anil Raghavan, CEO, SPARC.