SPARC plummets; phase III study for Baclofen GRS fails to meet endpoint

Shares of Sun Pharma Advanced Research Company Ltd (SPARC) dipped more than 14 per cent to Rs. 332 on BSE in early morning trade after the company announced that its two pivotal phase III studies of Baclofen GRS for treatment of spasticity in patients with multiple sclerosis did not meet the primary endpoint.

Baclofen GRS is a novel, once-a-day formulation developed by the company's proprietary gastroretentive system (GRS) technology.

“We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps. We thank all the patients, investigators and caregivers whose hard work has contributed important information to the Baclofen GRS program,” said Anil Raghavan, Chief Executive Officer of SPARC in a filing to BSE on Friday after market hours.

At 10.35 am, the stock of SPARC was trading 8.41 per cent lower at Rs 356.6 on BSE, while the Sensex was up 96.45 points, or 0.30 per cent , at 31,910.46. The stock attracted a traded volume of 7,48,532 shares on the BSE.