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.
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