Sun Pharma falls on competition from Glenmark drug

Last Updated: Tue, Sep 24, 2013 04:48 hrs

Shares in Sun Pharmaceutical Industries Ltd fall 1 percent as the U.S. Food and Drug Administration approval for Glenmark's Desoximetasone ointment is seen negative for the former's unit, Taro Pharmaceutical Industries Ltd.

Analysts tracking the sector say the leading brand in this segment is Taro's Topicort, which had annual sales of $50 million.

Also, Citigroup in a report says while Taro has also lost market share in its largest product Nystatin/Triam combo, it could see more competition in some of its other products.

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