Sun Pharmaceutical Industries rose 1.3% to Rs 749.15 at 10:15 IST on BSE after the company announced the execution of definitive agreements for the acquisition of 100% of Ocular Technologies, Sarl.
The announcement was made after market hours yesterday, 26 October 2016.Meanwhile, the BSE Sensex was down 85.40 points, or 0.31%, to 27,749.23
On BSE, so far 53,000 shares were traded in the counter, compared with average daily volume of 2.76 lakh shares in the past one quarter. The stock hit a high of Rs 749.70 and a low of Rs 737.55 so far during the day. The stock hit a 52-week high of Rs 909.90 on 27 October 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015. The stock had underperformed the market over the past 30 days till 26 October 2016, falling 4.02% compared with 1.37% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 10.23% as against Sensex's 1.32% decline.
The large-cap company has equity capital of Rs 240.68 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries (Sun Pharma) announced the execution of definitive agreements by its wholly owned subsidiary for the acquisition of 100% of Ocular Technologies, Sarl (OTS), a portfolio company of Auven Therapeutics (Auven), an international private equity company focused on accelerated development of breakthrough therapeutic drugs. OTS owns exclusive, worldwide rights to Seciera (cyclosporine A, 0.09% ophthalmic solution). Sun Pharma will pay Auven $40 million upfront, plus contingent development milestones and sales milestones as well as tiered royalty on sales of Seciera as consideration for this acquisition.
Seciera is currently in a Phase-3 confirmatory clinical trial for the treatment of Dry Eye Disease, an inflammatory ocular disease affecting approximately 16 million people in the United States alone. Seciera is a patented, novel, proprietary formulation of cyclosporine A 0.09%. It is a clear, preservative-free, aqueous solution. In a completed Phase 2b/3 clinical trial in 455 patients, Seciera demonstrated a rapid onset of action and was well tolerated by the study population. Based on the published data in literature, the efficacy and safety endpoints in these trials compared favorably to other formulations of cyclosporine A.
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The transaction is subject to approval of the US Federal Trade Commission as required under the Hart-ScottRodino Act and other closing conditions, and is expected to be completed by end of 2016, Sun Pharma said.
Separately, Sun Pharma announced before market hours today, 27 October 2016 that its wholly owned subsidiary has launched in US, the Authorized Generic (AG) versions for all strengths of Olmesartan Medoxomil tablets - therapeutic equivalent of Daiichi Sankyo Inc.'s Benicar (olmesartan medoxomil) tablets; Olmesartan Medoxomil-Hydrochlorothiazide tablets - therapeutic equivalent of Daiichi Sankyo Inc.'s Benicar HCT (olmesartan medoxomil-hydrochlorothiazide) tablets; Amlodipine Besylate-Olmesartan Medoxomil tablets - therapeutic equivalent of Daiichi Sankyo Inc.'s Azor (amlodipine and olmesartan medoxomil) tablets; and Amlodipine Besylate-Hydrochlorothiazide-Olmesartan Medoxomil tablets - therapeutic equivalent of Daiichi Sankyo Inc.'s Tribenzor (olmesartan medoxomil, amlodipine, hydrochlorothiazide) tablets.
The launch is pursuant to a distribution and supply agreement between Sun Pharma's wholly owned subsidiary and Daiichi Sankyo Inc., which grants the Sun Pharma subsidiary, exclusive rights to distribute these tablets in the US for a pre-determined period. Benicar, Benicar HCT, Azor and Tribenzor recorded US sales of approximately $2.5 billion for the 12 months ending 31 August 2016, as per IMS Health.
Sun Pharma announces its Q2 results on 10 November 2016. The company's consolidated net profit surged 265.8% to Rs 2033.71 crore on 22.7% growth in net sales to Rs 8006.68 crore in Q1 June 2016 over Q1 June 2015.
Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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