Sun Pharma gains by 2.3% post approval for generic Coreg CR

India Infoline News Service | Mumbai | October 26, 2017 14:37 IST

Sun Pharma stocks gained by over 2% after it announced the US FDA approval for its generic drug Coreg CR

In the trading hours of Thursday, shares of Sun Pharma gained by over 2.3%, after it announced the approval for generic drug Coreg CR. Sun Pharmaceuticals Industries Ltd is currently trading at Rs 533.1, up by Rs 9.85 or 1.88% from its previous closing of Rs 523.25 on the BSE. The scrip opened at Rs 529.5 and has touched a high and low of Rs 538.75 and Rs 519.5 respectively.

In a filing made to BSE on Thursday, the company announced that it got approval from US FDA to manufacture the drug.

The company stated that one of its wholly-owned subsidiaries has received green signal for its Abbreviated New Drug Application (ANDA), for the generic version of Coreg CR (Carvedilol Phosphate) extended-release capsules of 10, 20, 40 and 80 mg. These are therapeutic equivalents of GSK popular drug Coreg CR extended-release Capsules.

According to the IMS, the annual sales of this drug is approximately US $208 million in the US for a period of 12 months ending in August 2017.

Sun Pharmaceuticals is the 5th largest specialty generic pharma company in the world. US formulations and Indian-branded Generics contributed 37% and 28% respectively to FY17 revenue. Emerging markets, ROW and API contributed 18%, 11%, and 10% respectively in Q4FY17. 

***Note: This is a NSE Chart

 

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