Sun Pharma created waves of sorts on the stock exchange when value of its share experienced a sharp hike of more than 6.5%. This came soon after the company’s disclosure of USFDA accepting a new drug application (NDA) for OTX-101 (cyclosporine A, ophthalmic solution), which was filed by the company’s wholly owned subsidiary. The share closed 6.89% higher at the end of the day’s trading. The fact was reported by the company in its BSE filing. OTX-101, the formulation used for treating dry eye disease will be reviewed by USFDA before giving final approval.
Dilip Shanghvi, MD, Sun Pharma stated that OTX-101, which was a novel formulation of cyclosporine, would enable them to take part in the fast growing dynamic and under-served dry eye market. If the formulation obtains approval then it will be a milestone for all patients suffering from dry eye ailment which numbered in millions worldwide. All of them were waiting to get relief from their eye condition.
Sun Pharma shares priced at Rs 573.55 per scrip was trading 6.1% around 1.19 pm on the BSE today, the December 27, 2017. The benchmark Sensex index was 34,068, a rise by 57 points. The shares of the company rose sharply to Rs 590, a hike of 9.16% in intraday trade.
Sun Pharma seems to be making news every few months. Just a couple of months ago, in October 2017, the company’s share rose by about 1.47% after USFDA gave its final approval to one of its wholly owned subsidiaries for generic version of GSK’s Coreg CR extended release capsules of differing strengths. Prior to that, in June 2017, again the share value rose marginally by 0.62% after one of its wholly owned subsidiaries got a nod from the US drug regulator for generic Zetia tablets filed for Abbreviated New Drug Application.
One can just wish good luck to Sun Pharma!