Sun Pharma Shares Rise On Approval For Anti-Cholesterol Drug
Sun Pharmaceutical Industries Ltd. stock rose to the highest level in a month after it got the U.S. drug regulator's final approval to launch generic versions of cholesterol drug Zetia.
A Sun Pharmaceutical subsidiary received the go-ahead from the U.S. Food and Drug Administration for a generic version of Zetia (ezetimibe) tablets, according to the drugmaker's exchange filing. Generic ezetimibe tablets are therapeutic equivalents of Merck & Co.'s Zetia tablets.
Ezetimibe tablets had annual sales of $2.7 billion in the U.S. in the 12 months ended April, according to IMS data cited by Sun Pharmaceuticals.
Cadila Healthcare Ltd. also got the go-ahead from the FDA for launching generic equivalents of the same cholesterol drug.
Glenmark's Loss
Glenmark Pharmaceuticals Ltd. had launched the first generic version of Zetia on December 12, in partnership with U.S.-based Par Pharmaceutical Holdings Inc., with a 180-day exclusivity.
Glenmark had guided for $200-250 million revenue from the cholesterol drug in the exclusivity period. The company revised the guidance to the lower end of the range due to pricing pressures, Glenn Saldanha, the managing director and chief executive officer, told BloombergQuint in May. The exclusivity period ended yesterday.
Stock Reactions
- Sun Pharmaceutical stock rose as much as 3.65 percent to Rs 552, before paring gains.
- Cadila Healthcare stock fell as much as 1.02 percent to Rs 543.55 apiece as of 12:10 p.m.
- Glenmark stock fell as much as 1.56 percent to Rs 626 as of 12:10 p.m.
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