SPARC stock touches upper circuit limit; M-cap up by over Rs 1,000 cr

Shares of Sun Pharma Advanced Research Company (SPARC ) on Thursday settled with gains of 10 per cent, adding Rs 1,014.53 crore to its market capitalisation, after the company received approval from the US health regulator for a new drug application.

In two trading sessions, the company's stock has now jumped 15 per cent.

Shares of the company on Thursday surged 10 per cent to touch its 52-week high and the upper circuit level of Rs 473.55.

Accordingly, the market capitalisation of the company surged by Rs 1,014.53 crore to Rs 11,205.53 crore.

The market capitalisation of the company stood at Rs 10,191 crore at the end of Wednesday's trading session. On Wednesday, shares had settled with gains of 4.55 per cent.

SPARC has received approval from the USFDA for its New Drug Application (NDA) for ELEPSIA XR tablets used for treatment of partial onset of seizures in patients with epilepsy.

ELEPSIA XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients of 12 years of age and older with epilepsy, it added.

Levetiracetam is a very successful and highly effective anti-epileptic drug but more than 80 per cent of epilepsy patients require Levetiracetam in doses in range of 1,000 mg to 3,000 mg, resulting in a significant pill burden, SPARC CEO Anil Raghavan had said.

The product would be manufactured by Sun Pharmaceutical Industries at its Halol facility in Gujarat, SPARC said in the filing.