Shares of Sun Pharma Advanced Research Company (SPARC) on Thursday settled with gains of 10 percent, 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 has now jumped 15 percent. Shares of the company on Thursday surged ten percent to touch its 52-week high and upper circuit level of Rs 473.55.
Accordingly, the market capitalisation of the company surged by Rs 1014.53 crore to Rs 11,205.53 crore. The market capitalisation of the company stood at Rs 10,191 crore at the end of yesterday's trading session. Yesterday, shares had settled with gains of 4.55 percent.
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 percent 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.
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