SPARC swims against the tide: spikes seven per cent in volatile market

Sun Pharma Advanced Research Company, generally abbreviated as SPARC, on December 22 is trading seven per cent higher on an intra-day basis. While the markets continue to trade volatile, the stock of the company has still managed to remain in green. Stock of the company as at 2.50 pm is trading at Rs 313, up 1.82 per cent.

The stock has largely surged as it has received complete response letter from the US health regulator for preservative-free eye drops. SPARC in a statement to BSE, said that it has received a complete response letter from the US Food and Drug Administration for the new drug application for Xelpros, Latanoprost BAK-free eyedrops.

The response letter was related to the recent inspection of Sun Pharma's Halol manufacturing facility (in Gujarat) by the USFDA and indicated that satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Xelpros. According to the press release, in the complete response letter, the US FDA has not asked for any additional data. SPARC had out-licensed Xelpros to a subsidiary of Sun Pharma in June 2015.