Shares of Sun Pharma rose by over 3 per cent today after the company received approval from the US health regulator for CEQUA (cyclosporine ophthalmic solution), used to increase tear production in patients with keratoconjunctivitis sicca (dry eye).
The company's stock gained 2.98 per cent to settle at Rs 619.60 on the BSE. Intra-day, it jumped 3.37 per cent to Rs 621.95 -- its 52-week high.
On the NSE, shares of the company went up by 3.19 per cent to end at Rs 621.
The company's market valuation rose by Rs 4,303.47 crore to Rs 1,48,658.47 crore.
In terms of equity volume, 17.85 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands on the NSE during the day.
Dry eye disease represents an area of high unmet medical need, with a significant number of patients who are currently untreated, said Abhay Gandhi, CEO, North America, Sun Pharma.
"The US Food and Drug Administration (USFDA) approval of CEQUA represents a long-awaited dry eye treatment option and is an important milestone in the development of Sun's Ophthalmics business," he added.
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