Sun Pharma gains on U.S. nod for cancer drug
Reuters Market Eye - Shares in Sun Pharmaceutical Industries Ltd (SUN.NS) rose as much as 4.5 percent after the U.S. Food and Drug Administration approved its generic version of ovarian cancer drug Doxil made by Johnson & Johnson (JNJ.N) in the U.S. market.
"Doxil generic approval came in as a positive surprise. This would add US$70-$100m in high margin sales for FY14 until further generic competition comes in," CLSA said in a note on Tuesday.
Shares in the drugmaker also gained after subsidiary Taro Pharmaceutical Industries Ltd (TARO.N) posted a 42 percent growth in October-December net profit.
Sun Pharma shares were up 3.5 percent as of 12:28 p.m.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- Best Buy CEO says tablet sales are "crashing" - Re/code
- Carnage at U.N. school as Israel pounds Gaza Strip
- UPDATE 2-Hyundai recalls 883,000 Sonata sedans in U.S. for transmission issue
- Kerry presses India on global trade deal as deadline looms
- A minute with: Chris Pratt on going from slob to film heartthrob
Kerry in India
U.S. Secretary of State John Kerry, who arrived in India on Wednesday for an official visit, has pressed New Delhi to drop its opposition to global trade reforms, saying it was a test of the country's commitment to advance economic liberalisation. Full Article | Slideshow