Sun Pharmaceutical Industries rose 1.80% to Rs 806.55 at 9:18 IST on BSE after the company entered into a licensing agreement with Merck & Co Inc for the latter's investigational therapeutic antibody candidate.
The announcement was made after market hours on Wednesday, 17 September 2014.
Meanwhile, the BSE Sensex was down 78.62 points, or 0.30%, to 26,552.67.
On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 1.64 lakh shares in the past one quarter.
The stock hit a high of Rs 812.10 and a low of Rs 800.50 so far during the day. The stock hit a record high of Rs 877.40 on 3 September 2014. The stock hit a 52-week low of Rs 535.55 on 18 September 2013.
The stock had underperformed the market over the past one month till 17 September 2014, falling 2.67% compared with 2.02% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.29% as against Sensex's 4.35% rise.
The large-cap company has an equity capital of Rs 207.12 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries announced that it has entered into an exclusive worldwide licensing agreement with the US-based Merck & Co (known as MSD outside the US and Canada) for the latter's investigational therapeutic antibody candidate tildrakizumab, used for treating chronic plaque psoriasis, a skin ailment. The drug is currently in the Phase 3 registration trials.
Under terms of the agreement, Sun Pharma will acquire worldwide rights to tildrakizumab for use in all human indications from Merck in exchange for an upfront payment of $80 million. Merck will continue all clinical development and regulatory activities, which will be funded by Sun Pharma. Upon product approval, Sun Pharma will be responsible for regulatory activities, including subsequent submissions, pharmacovigilance, post approval studies, manufacturing and commercialization of the approved product. Merck is eligible to receive undisclosed payments associated with regulatory (including product approval) and sales milestones, as well as tiered royalties ranging from mid-single digit through teen percentage rates on sales.
Sun Pharmaceutical Industries reported consolidated net profit of Rs 1390.51 crore in Q1 June 2014 as compared to net loss of Rs 1276.10 crore in Q1 June 2013. Net sales rose 12.8% to Rs 3926.85 crore in Q1 June 2014 over Q1 June 2013.
Sun Pharmaceutical Industries is an international specialty pharmaceutical company.
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