Sun Pharmaceutical Industries rose 0.20% to Rs 760.35 at 9:27 IST on BSE after the company said it entered into a tripartite research and option agreement to develop breakthrough products for the treatment of neurological diseases.
The announcement was made before trading hours today, 10 December 2015.
Meanwhile, the BSE Sensex was up 95 points, or 0.38%, to 25,131.05.
On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 5.48 lakh shares in the past two weeks.
The stock hit a high of Rs 767.50 and a low of Rs 760 so far during the day. The stock hit a 52-week high of Rs 1,200.70 on 7 April 2015. The stock hit a 52-week low of Rs 706.40 on 24 November 2015.
Sun Pharmaceutical Industries (Sun Pharma) announced that it has entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS) to develop breakthrough products for the treatment of neurological diseases like brain stroke, as well as glioblastoma, a lethal brain cancer. The announcement was made before market hours today, 10 December 2015. Scientists at Weizmann Institute have developed a recombinant enzyme currently undergoing animal studies for indications of brain stroke and glioblastoma. Further studies of this enzyme will be conducted at IDIS. Sun Pharma will have the exclusive option to conduct further development of the enzyme after completion of the preclinical studies. Sun Pharma will have commercial rights to this product globally. Moreover, this enzyme may potentially be indicated for uses beyond these two brain diseases, Sun Pharma said. Sun Pharma will have the right to develop these additional indications.
Sun Pharmaceutical Industries' consolidated net profit fell 46% to Rs 1106.66 crore on 14.7% decline in net sales to Rs 6803.31 crore in Q2 September 2015 over Q2 September 2014.
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Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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