Sun Pharma shares surged over 6 per cent on Friday after it said that one of its subsidiary has bagged the final approval from US drug regulator (USFDA) for abbreviated new drug application (ANDA) for generic version of Gleevec, Imatinib Mesylate tablets 100 mg and 400mg.
Imatinib Mesylate tablets, 100 mg and 400 mg are therapeutic equivalents of Novartis' Gleevec, which has annual sales of $2.5 billion in the US, Sun Pharma said in a release to the Bombay Stock Exchange.
These tablets are indicated for the treatment of chronic myeloid leukemia.
Sun Pharma will be eligible for 180-day marketing exclusivity in the US.
Sun Pharma is expected to commercially launch the product on February 1, 2016. "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 company said.
Sun Pharma shares closed 3.92 per cent higher at Rs 755.40 apiece compared to 1.05 per cent fall in the broader Nifty.
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