Sun Pharma shares up 2% intraday on USFDA nod for BromSite
The company may commercialise BromSite through its new US division Sun Opthalmics later in the year.
Sun Pharma stock price rose by nearly 2% on Monday after the company received an approval from the US health regulator USFDA for its non-steroid drug BromSite used to treat inflammation and prevent pain in patients undergoing cataract surgery.
The stock gained 1.74% to Rs 825.95 on BSE. On NSE, it went up by 1.75% to Rs 826.
At 1319 hours, though, the company's stock was down from the day's high but still trading 0.27% higher at Rs 814.00 per share.
One of the company's wholly-owned subsidiaries "has received approval from USFDA for its New Drug Application (NDA) related to BromSite (bromfenac ophthalmic solution) 0.075% for the treatment of postoperative inflammation and prevention of ocular pain in patients undergoing cataract surgery," Sun Pharmaceutical Industries said in a filing to the BSE.
The drug has been developed by InSite Vision which the company had acquired in November 2015, it added.
The company is likely to commercialise BromSite through its newly formed US-based division Sun Ophthalmics in the second half of 2016, it said.