Sun Pharma scrip gains 4% on launch of generic Gleevec in US next year

 Sun Pharma has received approval from the US Food and Drug Administration (USFDA) to launch generic version of its anti-cancer drug Gleevec (Imatinib Mesylate) tablets, 100 mg and 400 mg. Imatinib Mesylate tablets are therapeutic equivalents of Novartis' Gleevec tablets. Novartis' US patent for the drug expired in July Stock Market Trading Tips

Reacting to the company announcement, the Sun Pharma scrip gained 4% to Rs 756.10 on the BSE on Friday.
According to IMS MAT data for August, these tablets have annual sales of approximately $2.5 billion in the US. It could mean sales worth up to $300 million for the company in the 180-day period allowed for exclusive market access Himanshu Tiwari Astrologer Blog

"On a conservative basis, the product can easily contribute sales of around $250-300mn during the six-month exclusivity and net profit of around $ 75-90mn during the period. The product can easily enhance the EPS of the company in FY2017 by 8-9%", Sarabjit Kour Nangra vice-president research pharma at Angel Broking said.

"Under the terms of a settlement agreement with Novartis, the Sun Pharma subsidiary is permitted to launch its version of generic Gleevec in the United States on February 1, 2016," the company stated.

The Sun Pharma subsidiary, being the first-to-file an ANDA for generic Gleevec with a Para-IV certification, is eligible for 180-days marketing exclusivity in the US. The commercial launch of this product is scheduled for February 1, 2016 Indian stock market astrology prediction