Sun Pharmaceutical Industries shares jumped over 2 per cent on Wednesday after the company informed stock exchanges that it has entered into an agreement with InSite Vision. (PTI)
Sun Pharmaceutical Industries shares jumped over 2 per cent on Wednesday after the company informed stock exchanges that it has entered into an agreement with InSite Vision to acquire the US-based eyecare firm for around $48 million plus related debt and other transaction costs to strengthen its branded ophthalmic portfolio in the US.
At 12.19 pm, the scrip was 2.23 per cent higher at Rs 886. It opened at Rs 879.70 and had touched a high and low of Rs 889.95 and 876.30, respectively, in trade so far. Sensex was up 1 per cent at 25,962.
One of the company’s subsidiaries has offered to acquire InSite Vision, Sun Pharmaceutical Industries said in a statement.
InSite Vision focuses on developing new specialty ophthalmic products, including three late stage programs. InSite Vision also has two commercialised products based on its innovative DuraSite platform approved for the treatment of bacterial eye infections, AzaSite (azithromycin ophthalmic solution) 1 per cent, and Besivance (besifloxacin ophthalmic suspension) 0.6 per cent, marketed by respective partners.
According to IndiaNivesh Securities, though the current financial performance of the acquired company is muted, Sun Pharma has been able to get access to good NDA pipeline from this acquisition.
Traders also cite optimism tied to launch of Keveyis drug in the US market by unit Taro Pharmaceutical.
For the quarter ended June 2015, the company posted net profit of Rs 478.96 crore, down 60.24 per cent against Rs 1,204.59 crore in the corresponding quarter a year ago.
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