Sun Pharmaceutical Industries rose 1.01% to Rs 678 after the company said that it has entered into a license agreement with Ferring Pharmaceuticals to commercialize obstetric drug, Caritec in India.
Sun Pharmaceutical Industries announced that one of its wholly owned subsidiaries has entered into a license agreement with Ferring Pharmaceuticals (Ferring), a subsidiary of Switzerland-based biopharmaceuticals MNC Ferring Pharmaceuticals, to commercialize a Room Temperature Stable (RTS) formulation of obstetric drug, Caritec (Carbetocin RTS) in India.Caritec is indicated for the prevention of excessive bleeding in women after vaginal or caesarean child birth. The condition is commonly known as post-partum hemorrhage (PPH).
As per agreement terms, Sun Pharma is granted rights for co-marketing of the drugin India in the private market under the brand name Caritec. Ferring has developed the drug and received approval from the Drugs Controller General of India (DCGI) for introducing the drug in India.
Currently, WHO recommends oxytocin as the first-choice drug for preventing excessive bleeding after childbirth. Oxytocin, however, must be stored and transported at 2-8 degrees Celsius, which is hard to do, in many low-income countries, depriving many women the access to this lifesaving drug. Caritec is a drug similar to oxytocin with longer duration of action. The new room temperature stable formulation of carbetocin does notrequire refrigeration and retains its efficacy for 2 years stored at 30 degrees Celsius and 75% relative humidity.
On a consolidated basis, Sun Pharmaceutical Industries' net profit surged 71.5% to Rs 848 crore on 4.4% increase in net sales to Rs 8,431.38 crore in Q4 March 2021 over Q4 March 2020.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
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