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
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article