SPARC shares settle with 5 pc gain; mcap up by Rs 440-cr

Shares of Sun Pharma Advanced Research Company (SPARC), ended the day with gains of nearly 5 per cent, there by adding Rs 440.53 crore to its market capitalisation.
SPARC today said it has received approval from the US health regulator for its New Drug Application (NDA) for ELEPSIA XR tablets used for treatment of partial onset of seizures in patients with epilepsy.
ELEPSIA XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients of 12 years of age and older with epilepsy, it added.
Reacting to the development, the shares of the company surged as much as 8.99 per cent to touch its 52-week high level of Rs 448. The stock however, lost some ground and was quoted at Rs 430.50, up 4.55 per cent over its previous closing price.

Pursuant to the surge in the share price, the market capitalisation of the company jumped by Rs 440.53 crore to Rs 10,186.84 crore at the end of today's trading session.
The market capitalisation of the company stood at Rs 9,746.31 crore yesterday.

Commenting on the development SPARC CEO Anil Raghavan said: "Levetiracetam is a very successful and highly effective antiepileptic drug but more than 80 per cent of epilepsy patients require Levetiracetam in doses in range of 1,000 mg to 3,000 mg, resulting in a significant pill burden."
He further added, "Approval of ELEPSIA XR as 1000mg and 1500mg once a day tablets will be very useful for these patients and physicians."

The product would be manufactured by Sun Pharmaceutical Industries at its Halol facility in Gujarat, SPARC said in the filing.