Sun Pharmaceutical Industries rose 0.93% to Rs 595 at 9:17 IST on BSE after the company announced the formation of a joint venture with Intrexon Corporation to develop new class of therapeutics for the treatment of ocular diseases.
The announcement was made after market hours on Tuesday, 1 October 2013.
Meanwhile, the S&P BSE Sensex was up 99.48 points or 0.51% at 19,616.63.
On BSE, 1,901 shares were traded in the counter as against average daily volume of 1.36 lakh shares in the past one quarter.
The stock hit a high of Rs 599 and a low of Rs 592 so far during the day. The stock hit a record high of Rs 601.25 on 30 September 2013. The stock had hit a 52-week low of Rs 328 on 15 November 2012.
The stock had outperformed the market over the past one month till 1 October 2013, surging 13.41% compared with the Sensex's 4.82% rise. The scrip had also outperformed the market in past one quarter, jumping 17.42% as against Sensex's 0.31% fall.
The large-cap company has equity capital of Rs 207.12 crore. Face value per share is Re 1.
Sun Pharmaceutical Industries, through its subsidiary, and Intrexon Corporation, a leader in synthetic biology, have announced the formation of a joint venture (JV) to develop controllable gene-based therapies for the treatment of ocular diseases that cause partial or total blindness in millions of people worldwide. Initial targets are dry age-related macular degeneration (AMD), glaucoma and retinitis pigmentosa. The joint venture will leverage Sun Pharma's global capabilities and experience in developing and manufacturing complex dosage forms and specialty pharmaceuticals for niche therapy areas. Intrexon and Sun Pharma will share in both the financing of, and the revenues from, the JV, a joint statement from the two companies said.
Through an Exclusive Channel Collaboration (ECC), the JV will have access to Intrexon's full suite of proprietary synthetic biology technologies, including the RheoSwitch Therapeutic System (RTS) platform. RTS is a clinically validated method for controlling the location, concentration and timing of protein expression. RTS may address a long-standing limitation of current approaches by enabling patients to receive a targeted biologic therapy without having to endure a lifetime of injections. In addition to the initial targets, the companies intend to further expand the future pipeline of targeted ocular diseases to potentially include wet AMD, macular edema, non-infectious uveitis and diabetic retinopathy, the statement said.
Dilip Shanghvi, Managing Director of Sun Pharma said, "We believe Intrexon's biotechnology capabilities will enable us to develop not one, but several highly effective, novel treatments for multiple ocular disorders where there is currently an unmet need. Through this partnership it is our goal to provide relief for millions of people who today have very few treatment options and little hope of preserving their vision."
Samuel Broder, M.D., Senior Vice President of Intrexon's Health Sector and former Director of the National CancerInstitute noted that current treatments for major ocular disorders require frequent and often painful interventions that, at best, only slow the progression of the disease. "Using our RTS platform, the goal is to engineer a gene-based ocular treatment in which the concentration, location and timing of protein expression can be controlled with small molecule therapy. In combination with Sun Pharma's tremendous development and manufacturing experience, we hope to produce a therapy that is minimally invasive as well as maximally effective in treating these debilitating diseases", Dr. Broder said.
Randal J. Kirk, Chairman and Chief Executive Officer of Intrexon, said that the collaboration between Sun Pharma and Intrexon is a model relationship aligned to accelerate development and production of new bio-engineered therapies. "Today, more people suffer from ocular diseases than cancer. To address this immense unmet need, our innovative collaboration will unite Sun Pharma's global capability to develop and manufacture complex pharmaceuticals with Intrexon's proprietary cell and gene engineering technologies. We share Sun Pharma's enthusiasm for the potential of our venture to produce a pipeline of product opportunities aimed at well-validated therapeutic targets", Kirk said.
Intrexon Corporation is a leader in synthetic biology focused on collaborating with companies in health, food, energy and the environment to create biologically-based products that improve the quality of life and the health of the planet. Through the company's proprietary UltraVector platform, Intrexon provides its partners with industrial-scale design and development of complex biological systems. The UltraVector platform delivers unprecedented control over the quality, function, and performance of living cells.
Sun Pharmaceutical Industries' consolidated recurring net profit jumped 56% to Rs 1241 crore on 31% growth in net sales to Rs 3482 crore in Q1 June 2013 over Q1 June 2012. The company reported consolidated net loss of Rs 1276.10 crore in Q1 June 2013, as against net profit of Rs 795.55 crore in Q1 June 2012. The net loss on consolidated basis during the quarter was on account of a provision of Rs 2517 crore towards settlement for patent infringement litigation related to generic versions of 'Protonix'.
Established in 1983, Sun Pharmaceutical Industries is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India, US and several other markets across the world. In India, the company is a leader in niche therapy areas of psychiatry, neurology, cardiology, nephrology, gastroenterology, orthopedics and ophthalmology. The company has strong skills in product development, process chemistry, and manufacturing of complex API, as well as dosage forms.
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