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
- Rapper Lecrae leads debut-filled top ten of Billboard 200 chart
- UPDATE 2-U.S. House passes bill to avert govt shutdown, extend Export-Import bank
- Biden apologizes for 'Shylocks' gaffe, visits Iowa
- HIGHLIGHTS - Fed chief Yellen's remarks at press conference
- US STOCKS-Wall St edges higher after Fed; Dow sets record
The Federal Reserve renewed its pledge to keep interest rates near zero for a "considerable time," but also indicated it could raise borrowing costs faster than expected when it starts moving. Article | Factbox
China cenbank injects $81 bln into major banks to support economy - reports Full Article