Sun Pharma shares rise over import of cancer drug Lipodox

Shares of Sun Pharmaceutical Industries traded higher in a flat market on the back of a drug import agreement with the US Food and Drug Administration (FDA).

The FDA said that it has reached a limited, temporary arrangement to import an alternative to Doxil called Lipodox, used in the treatment of cancer, from the Indian drug maker.
 
Doxil is a drug innovated by J&J which is facing manufacturing constraints. There are no generic manufacturers of this drug, which is still under patent.  
The drug can generate sales of $80-100 million for the company in 4-6 months, which implies potential earnings per share of Rs 3-4 for FY13.

Sun Pharma shares traded with 1.6% gains at Rs 551.05 on the Bombay Stock Exchange today. At 1030 hours, the BSE Sensex was down 0.21% at 18,390.