Following the approval of Johnson & Johnson (JNJ)'s cancer drug Doxil, its parent company Sun Pharmaceutical Industries Ltd. (SUNP) experiences higher growth.
Indian billionaire, Dilip Shanghvi is the man behind SUNP operations and functions. In last 17 months, this is for the first time that the company rose to such a level. Its shares were found floating at 752.10 rupees which means up by
4.5%. Since August 30, 2011, for the first time, such a mount has been noticed.
According to a statement from the agency, with this approval from the U. S. Food & Drug Administration, Sun Pharma will manufacture this drug to treat patients suffering from ovarian cancer at a progressive stage.
There was a shortage of such treatment which will now be fulfilled.
As said by Hitesh Mahida, an analyst at Fortune Equity Brokers (India) Ltd. in Mumbai, "It's a very important approval for Sun Pharma. It's the first generic player to get an approval for this drug, and we are expecting it to enjoy exclusivity for the next nine months to one year".
As estimated by Mahida, in the last financial year, Sun Pharma reported to collect revenue of 80.2 billion rupees ($1.5 billion) but this year, with the launch of Doxil, there are chances of it earning around $53 million from the yearly sales of the medicine.
- New York City Rent Guidelines Board in an Unprecedented Move Votes to Freeze Regulated Rents on One-Year Leases
- According to S&P Dubai Real Estate Prices Likely to Drop Ten to Twenty Percent 2015
- Gains Noted in Southern California Home Sales Marking a Rise in Prices
- Fannie Mae Accused of Discriminating Neighborhoods on the Basis of Races by Fair Housing
- Second Quarter Profits of Business Software Provider SAP Drops Due to Higher Expenditures
- The National Football League’s Revenue Growing Rapidly with $1.3 billion Added Revenue in 2014
- Express with Emojis and You Might be Able to Suggest the Next Emoji to be Included on the Keyboard
- Livetext, the New Yahoo Messenger Debuts in Hong Kong before a Wider Release
- Report from a Security Firm Suggests Decline in Spam Rate and Increase in Malware Creation
- President Obama Planning to Make Changes in US Criminal Justice System
- Documents from 2005 Sex-Assault Lawsuit Should Not Be Unsealed, says Bill Cosby’s Lawyer
- Friend of Boston Bomber Sentenced Two And a Half Years of Imprisonment
- Prison Employee faces Charges of helping 2 Prisoners to Escape
- New York police detective shoots gunman who injured a man