Sun Pharma up 3%; arm gets USFDA nod for Gleevec

Under the terms of a settlement agreement with Novartis, the Sun Pharma subsidiary is permitted to launch its version of generic Gleevec in the United States on February 1, 2016. The commercial launch of this product is scheduled for February 1, 2016.

Sun Pharma stock was up by 3% at Rs. 777 after company announced that one of its subsidiaries has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Gleevec , Imatinib Mesylate tablets 100mg and 400mg Imatinib Mesylate tablets, 100 mg and 400 mg are therapeutic equivalents of Novartis’ Gleevec tablets.

As per IMS MAT August 2015, these tablets have annual sales of approximately US$ 2.5 billion in the US. These tablets are indicated for the treatment of chronic myeloid leukemia.

The Sun Pharma subsidiary, being the first-to-file an ANDA for generic Gleevec with a para IV certification, is eligible for 180-days marketing exclusivity in the US. Under the terms of a settlement agreement with Novartis, the Sun Pharma subsidiary is permitted to launch its version of generic Gleevec in the United States on February 1, 2016. The commercial launch of this product is scheduled for February 1, 2016. 

The scrip opened at Rs. 765 and has touched a high and low of Rs. 778.1 and Rs. 762.35 respectively. So far 2190054(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 181968.02 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1200.7 on 07-Apr-2015 and a 52 week low of Rs. 706.4 on 24-Nov-2015. Last one week high and low of the scrip stood at Rs. 773 and Rs. 722 respectively.

The promoters holding in the company stood at 54.71 % while Institutions and Non-Institutions held 35.62 % and 9.68 % respectively.

The stock is currently trading above its 200 DMA.