Sun Pharma gains on U.S. nod for cancer drug

Tue Feb 5, 2013 12:55pm IST

A pharmacist gives free medicine provided by the government, to a patient inside a government hospital in Kolkata July 3, 2012. REUTERS/Rupak De Chowdhuri/Files

A pharmacist gives free medicine provided by the government, to a patient inside a government hospital in Kolkata July 3, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

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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)

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