Sun Pharma gains on U.S. FDA approval of bone drug

Last Updated: Wed, Feb 19, 2014 05:38 hrs

Reuters Market Eye - Shares in Sun Pharmaceutical Industries gain 1.5 percent after the company got U.S. Food and Drug Administration approval to sell a drug to treat Osteoporosis, a bone-weakening disease.

Currently the drug, Ibandronate Sodium, is marketed by Roche under the brand name Bovina.

"Bovina generated an annual sales of $82 million in 2012. Currently, Sun Pharma is the only generic player to have final approval for this product," brokerage Sharekhan said in a note on Wednesday.

More players would be able to sell the drug after its patent expiry on September 2, 2014, Sharekhan said.

(Reporting by Abhishek Vishnoi)

More from Sify: