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Sun Pharma share price rises after Halol plant clears USFDA inspection

US Food and Drug Administration conducted the inspection at Halol plant during June 3-11, 2019 and issued four observations.

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Sun Pharma share price rises after Halol plant clears USFDA inspection

Sun Pharma share price rose in early trade today after US health regulator referred to company's Halol Plant as 'No Action Indicated'.  No Action Indicated means no objectionable conditions or practices were found during the inspection. It also implies that the documented objectionable issues found during inspection do not justify further action.

US Food and Drug Administration conducted the inspection at Halol plant during June 3-11, 2019 and issued four observations. Sun Pharma share price rose 4.69% to Rs 434.20 compared to the previous close of Rs 414 on BSE. Sun Pharma share price has risen after two days of consecutive fall.

Sun Pharma share price opened with a gain of 2.57% at Rs 425.20 on BSE.

Additionally, Sun Pharma announced that that one of its wholly owned subsidiaries has granted an exclusive licence to a subsidiary of China Medical System Holdings (CMS) to develop and commercialise seven generic products in Mainland China.

The initial term of the agreement shall be 20 years from the first commercial sale of the respective products in Mainland China and may be extended for additional three years' as per mutual agreement of the two parties.

"This collaboration gives us entry into the Chinese generic pharmaceutical market. We see lot of potential in China for both, our generics and speciality portfolio. With more than 65% generics penetration, China represents a significant opportunity for generic pharmaceutical companies," said Dilip Shanghvi, Managing Director, Sun Pharma.

In June 2019, Sun Pharma had announced collaboration with CMS on two speciality products, Tildrakizumab and Cyclosporine A 0.09% (CsA) eye drops for the Greater China market.

Edited by Aseem Thapliyal

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