Sun Pharma up 4% on USFDA acceptance of new drug application

The stock was up 4% at Rs 564 on the BSE with trading volumes on the counter more than doubled.

Sun Pharmaceutical Industries was trading 4% higher at Rs 564 on the BSE at 10:26 am; after the company announced that the US drug regulator has accepted a New Drug Application (NDA) for OTX-101, a drug being evaluated for treatment of dry eye disease.

The trading volumes on the counter more than doubled with a combined 5.46 million shares changed hands on the BSE and NSE so far.

“The US Food and Drug Administration (FDA) has accepted a NDA, filed by the company’s wholly owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution) 0.09%, a novel nanomicellar formulation of cyclosporine A 0.09% in a clear, preservative-free aqueous solution,” Sun Pharma said in a press release.

OTX-101 is now under review for approval by the US FDA, marking an important developmental milestone for Sun Pharma’s dry eye candidate, it added.

“Dry Eye disease is a complex, chronic condition that affects patient quality of life, often significantly. OTX-101, a novel formulation of cyclosporine, will allow us to participate in the rapidly growing underserved and dynamic Dry Eye market. When approved, it will be a milestone for millions of Dry Eye patients across the globe that are yet to find relief for their condition,” said Dilip Shanghvi, managing director, Sun Pharma.

Post the US FDA approval, OTX-101 will be commercialized in the US by Sun Ophthalmics, the branded ophthalmics division of Sun Pharma’s wholly owned subsidiary, based in Princeton, New Jersey. Sun Ophthalmics, founded in 2015, currently markets BromSite® (bromfenac ophthalmic solution) 0.075% to eye care practitioners across US.