Sun Pharma gains on USFDA nod for psoriasis drug Ilumya

The stock was trading 2% higher at Rs 515 as compared to a marginal 0.05% gain in the S&P BSE Sensex at 09:17 am.

Sun Pharmaceuticals Industries was up 3% at Rs 522 on the BSE in early morning trade after the company on Wednesday post market hours announced US Food and Drug Administration (USFDA) approval for psoriasis drug Ilumya, its first biologic drug in the market.

The FDA approval of Ilumya for the treatment of adults with moderate-to-severe plaque psoriasis was supported by data from the pivotal Phase-3 reSURFACE clinical development program, Sun Pharma said in a press release.

The market for psoriasis drugs in US is over $ 6 billion and the approval allows the drug maker to expand its portfolio in dermatology space. Biologic drugs are made from living cells.

“With the approval of Ilumya and our long-standing commitment in dermatology we are focused on making a difference for people living with moderate-to-severe plaque psoriasis,” said Abhay Gandhi, president and chief executive officer, North America, Sun Pharma.

At 09:17 am; the stock was trading 2% higher at Rs 515 as compared to a marginal 0.05% gain in the S&P BSE Sensex. A combined around one million shares changed hands on the counter on the BSE and NSE.

In past one year, Sun Pharma has underperformed the market by falling 26% against 12% rise in the benchmark index.