Sun Pharma, which had closed yesterday at Rs.698.15, opened slightly higher today at Rs.699 and then surged to go to hit a new high at Rs.721.90; it currently trades at Rs.713 levels.
The market is reacting to its news of yesterday, as though seeing more merit in it today than yesterday.
The company has entered into a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly for expanding access to Lilly’s drug, baricitinib in India.
Sun Pharma will manufacture and distribute the drug in India.
Baricitinib is used in combination with remdesivir for the treatment of suspected or laboratory confirmed COVID-19 in hospitalized adults requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation.
The drug is approved by the Central Drugs Standard Control Organization for restricted emergency use in India.
The company is scheduled to announce its Q4FY21 earnings on 27th May.