Sun Pharma shares jump 4% after USFDA nod for Gleevec

Shares of Sun Pharma surged over 6% per cent in trade on Friday after the pharma major informed bourses that one of its subsidiaries has received final approval from US Food and Drug Regulator for its generic version of Gleevec.
 
The stock ended 4 per cent higher after hitting an intraday high of Rs 773, up 6.34 per cent on the Bombay Stock Exchange (BSE).

Shares of SPARC also reacted to the news and gained 4.89 per cent. The stock rallied 10.63 per cent intraday to Rs 384.75 on BSE.

"These tablets have annual sales of approximately $ 2.5 billion in the US, and are indicated for the treatment of chronic myeloid leukemia," said Sun Pharma in a filing to BSE.

The Sun Pharma subsidiary, being the first-to-file an Abbreviated New Drug Application (ANDA) for generic Gleevec with a para IV certification, is eligible for 180-days marketing exclusivity in the US.

Under the terms of a settlement agreement with Novartis, the Sun Pharma subsidiary is permitted to launch its version of generic Gleevec in the United States on February 1, 2016.

The commercial launch of this product is scheduled for February 1, 2016.