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Sun Pharma share price gains 2% after firm signs deal with Hikma for plaque psoriasis drug

Sun Pharma share price gains 2% after firm signs deal with Hikma for plaque psoriasis drug

Sun Pharma share price gained up to 2.08% to Rs 489 against previous close of Rs 479.60 on BSE

The stock hit 52-week high of  Rs 512.55 on June 9, 2020 and 52 week low of Rs 315 on March 23, 2020 The stock hit 52-week high of Rs 512.55 on June 9, 2020 and 52 week low of Rs 315 on March 23, 2020

Sun Pharma share price gained over 2% today after the firm said one of its wholly owned subsidiaries and Hikma Pharmaceuticals PLC (Hikma) have signed an exclusive licensing and distribution agreement for plaque psoriasis medicine, Ilumya, for the Middle East and North Africa (MENA) region.

Sun Pharma share price gained up to 2.08% to Rs 489 against previous close of Rs 479.60 on BSE. The share stands higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages It closed 1.18% higher at Rs 485 on BSE.

The stock hit 52-week high of  Rs 512.55 on June 9, 2020 and 52 week low of Rs 315 on March 23, 2020.  The large cap stock has gained 23.73% during one year and risen 12.24% since the beginning of this year.

Market cap of the firm rose to Rs 1.16 lakh crore on BSE.

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Total 4.26 lakh shares changed hands amounting to turnover of Rs 20.51 crore.

ILUMYA (tildrakizumab) is an US Food and Drug Administration (FDA) approved monoclonal antibody used for the treatment of adults with moderate-to-severe plaque psoriasis who are candidates for systemic therapy or phototherapy.

Hikma will be undertake the registration and commercialisation of products in all MENA markets and Sun Pharma will be responsible for product supply. "Sun Pharma is eligible for upfront and milestone payments from Hikma," the drug maker said in a press release.

The term of this agreement is 15 years from first sale, with two years' automatic renewal periods, it added.

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