Sun Pharma, SPARC hit new high on USFDA nod for ELEPSIA XR
Shares of Sun Pharmaceutical Industries and Sun PharmaAdvanced Research Company (SPARC) have touched their respective record high after SPARC announced that the U.S. Food and Drug Administration (FDA) have approved its new drug application (NDA) for ELEPSIA XR (Levetiracetam extended-release tablets 1000 mg and 1500 mg).
The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India, it added.
Shares of SPARC have rallied by 8% to Rs 445, also its record high on BSE. The counter has seen huge trading volumes with a combined 3.3 million shares already changed hands till 1052 hours against an average around 3 million shares that were traded daily in past two weeks on BSE and NSE.
Shares of Sun Pharmaceutical Industries too rallied 6% to Rs 997, while Ranbaxy Laboratories surged 6% to Rs 777, also its record high on BSE.
ELE PSIA XR is indicated for adjunctive therapy in the treatment of partial onset seizures in patients 12 years of age and older with epilepsy.
”Levetiracetam is a very successful and highly effective antiepileptic drug but more than 80% of epilepsy patients require Levetiracetam in does in range of 1000mg to 3000mg resulting in a significant pill burden. Approval of ELEPSIA XRTM as 1000mg and 1500mg once a day tablets will be very useful for these patients and physicians,” said Anil Raghavan, chief executive officer of SPARC.