Shares of Sun Pharma soared nearly 7 per cent today after the US health regulator accepted a new drug application (NDA) for dry eye solution filed by the company's wholly-owned subsidiary.
The stock surged 6.89 per cent to end at Rs 577.70 on BSE. During the day, it soared 9.16 per cent to Rs 590.
On NSE, shares of the company jumped 6.46 per cent to close at Rs 576.30.
The stock was the biggest gainer among the bluechips on both Sensex and Nifty.
The company's market valuation advanced by Rs 8,934.64 crore to Rs 1,38,604.64 crore.
In terms of equity volume, 15.77 lakh shares of the company were traded on BSE and over 2 crore shares changed hands on NSE during the day.
"The US Food and Drug Administration (USFDA) has accepted an NDA, filed by its wholly-owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution)," Sun Pharmaceutical Industries said in a BSE filing today.
OTX-101 is now under review for approval by the USFDA, marking an important developmental milestone for Sun Pharma's dry eye candidate, it added.
Sun Pharma MD Dilip Shanghvi said: "OTX-101, a novel formulation of cyclosporine, will allow us to participate in the rapidly growing under-served and dynamic dry eye market. When approved, it will be a milestone for millions of dry eye patients across the globe that are yet to find relief for their condition.
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