Shares of Suven Life Sciences soared 20 per cent today as the company has been granted a patent each by the US and New Zealand for a drug used in the treatment of neuro-degenerative diseases.
The stock rose sharply by 19.12 per cent to settle at Rs 296.25 on the BSE. During the day, it jumped 19.98 per cent to Rs 298.40 -- its 52-week high.
At the NSE, shares of the drug firm zoomed 19.99 per cent to end the day at Rs 298.
In the process, the company's market value went up by Rs 605.74 crore to Rs 3,770.74 crore.
On the volume front, 18.32 lakh shares of the company changed hands at the BSE and over 83 lakh shares were traded at the NSE during the day.
The patents are valid until 2030 and 2031 respectively, Suven Life Sciences said in a filing to the BSE.
The company has "secured patents in USA and New Zealand to one of their new chemical entity (NCE) for CNS therapy through new mechanism of action - H3 Inverse agonist...," Suven Life Sciences said.
With these new patents, Suven has a total of 20 granted patents from US and 23 from New Zealand.
