February 5, 2013 / 6:43 AM / 5 years ago

MARKET EYE-India's Sun Pharma gains on US nod for cancer drug

* Shares in India's Sun Pharmaceutical Industries Ltd 
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 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 posted a 42 percent
growth in October-December net profit. 
* Sun Pharma shares were up 3.7 percent as of 0631 GMT.

 (abhishek.vishnoi@thomsonreuters.com /; kaustubh.
kulkarni@thomsonreuters.com)

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