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.
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