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Shares of Sun Pharma Advanced Research Company (SPARC) were locked in the 10 per cent upper circuit at Rs 423.60, hitting over five year high on the BSE on Friday at 12:03 PM.
The stock of pharmaceutical company was quoting higher for the eight straight trading day and has zoomed 64 per cent during this period, and now trades at its highest level since June 2018. The stock had hit a record high of Rs 594 on March 10, 2015.
The counter has seen heavy trading volumes, with a combined 5.36 million equity shares representing 1.6 per cent of total equity of SPARC changing hands on the NSE and BSE. There were pending buy orders for a combined 430,000 shares on these exchanges, data showed.
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On clarification on price movement, SPARC on Thursday confirmed that the company was in compliance with the requirements of SEBI regulation and that all the disclosures required to be made under the said regulation have been made to the exchanges. “We are not aware of any information which qualifies to be disclosed under the said regulation,” the company said.
SPARC post market hours, in press release said that the company will be present at the 42nd Annual J.P. Morgan Healthcare Conference. The presentation is scheduled on Wednesday, January, 10 2024 at 10:30 am Pacific Time. The presentation will be uploaded on SPARC’s corporate website, the company said.
SPARC is a clinical stage bio-pharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery. SPARC aims to advance availability of treatment options for patients across the world.
SPARC has transitioned its portfolio to focus on developing New Chemical Entities (NCEs) and New Biological Entities (NBEs). With multiple assets under clinical development the focus for SPARC in the coming year will be to build on execution to ensure that the next milestones for the programs are achieved as per the objectives set.
The immediate priority for SPARC is to work with partners to ensure that the supply of approved products is restored and the patient recruitment in ongoing clinical studies is completed as per the plan. Additionally, SPARC will work with Visiox Pharma for securing Investigational New Drug (NDA) approval of PDP-716 and to prepare for successful launch of PDP-716. SPARC will work with Sun Pharma to drive the uptake of Sezaby.
SPARC is aiming to initiate first-in-human Phase 1 studies for SCD-153 in FY24 and for SBO-154 during FY25. “Our collaboration model with academia is expected to add new preclinical programs to SPARC’s pipeline,” the company said in its FY23 annual report.
In the medium term, SPARC’s pipeline has several inflexion points that can drive significant value for the company. SPARC will continue to build new competencies that are aligned with the broader portfolio strategy. SPARC is well positioned to leverage the ‘still very attractive” global opportunity and has the potential to be a big catalyst success story for the emerging Indian innovation industry, the company said.
SPARC’s preclinical programs are on track and SPARC expects to file IND application for SCD-153 in FY24. In parallel, the team is also working on completing the required activities with expected IND filing for SBO-154 in FY25.
Overall, with licensing of SezabyTM, SPARC’s pipeline is completely transitioned to NCEs and NBEs. SPARC will utilize the learnings from the initial programs to build a sustainable R&D organization with capabilities across the value chain, and an attractive portfolio with multiple high-value assets, the company said in its FY23 annual report.
