Sun Pharmaceutical surges on settling litigation for generic Gleevec in US

Sun Pharmaceutical Industries is currently trading at Rs. 622.70, up by 11.40 points or 1.86% from its previous closing of Rs. 611.30 on the BSE. The scrip opened at Rs. 619.80 and has touched a high and low of Rs. 625.75 and Rs. 614.00 respectively. So far 31291 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 653.10 on 03-Mar-2014 and a 52 week low of Rs. 458.00 on 13-Jun-2013. Last one week high and low of the scrip stood at Rs. 632.00 and Rs. 604.00 respectively. The current market cap of the company is Rs. 126610.25 crore. The promoters holding in the company stood at 63.65%, while Institutions and Non-Institutions held 28.06% and 8.29% respectively. Sun Pharmaceutical Industries’ one of its subsidiaries has executed a settlement agreement with Novartis Pharmaceuticals Corporation stipulating a dismissal of the lawsuits filed in the United States against the company regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Gleevec, Imatinib Mesylate tablets. These tablets are indicated for the treatment of chronic myeloid leukemia. Under the terms of the settlement agreement, Sun Pharma’s subsidiary may launch its version of generic Gleevec in the United States on February 01, 2016. The agreement is subject to customary regulatory approvals. Sun Pharma’s subsidiary holds a tentative approval from the USFDA for its ANDA for a generic version of Gleevec. As per IMS, Gleevec had annual sales of approximately $2 billion in the US.