Sun Pharma announced that the parent company and its research arm Sun Pharma Advanced Research Company Ltd (SPARC) have received a US FDA approval for its new drug application of XELPROS.
XELPROS is used in reducing open-angle glaucoma or ocular hypertension.
"This approval is from Sun Pharma's Halol (Gujarat) facility. Sun Pharma in-licensed XELPROS from SPARC in June 2015 and this approval will trigger a milestone payment to SPARC," Sun Pharma and SPARC said in a joint statement.
SPARC is also eligible for milestone payments and royalties on commercialization of XELPROS in the US, it added.
"This approval, coming less than one month following the approval of CEQUA (cyclosporine ophthalmic solution) 0.09 per cent, reaffirms the strength of Sun Pharma's fast-growing Ophthalmics division and its commitment to serving the needs of patients with ocular disorders," Sun Pharma CEO North America Abhay Gandhi said.
XELPROS will be commercialized in the US by Sun Ophthalmics, the branded ophthalmic division of Sun Pharmaceutical Industries Ltd's wholly-owned subsidiary.
Sun Pharma's shares were trading with a gain of 2.04% at 663.10 per share while SPARC, Sun's research company was trading at a gain of 4.29% at 399 per share.