Sun Pharma shares gained over 4.5 percent on Monday after the USFDA classified its Halol unit as 'no action indicated' (NAI), implying a successful inspection.

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The stock gained as much as 4.6 percent to Rs 434.20 per share on the BSE. At 10:45 AM, the stock was trading 3.33 percent higher at Rs 428.55 as compared to 0.86 percent (322 points) rise in the BSE Sensex at 37,673.

No Action Indicated means no objectionable conditions or practices were found during the inspection (or the significance of the documented objectionable conditions found does not justify further action).

The Halol unit was inspected by the US Food and Drug Administration during June 3-June 11.

The company also announced recently that one of its wholly-owned subsidiaries has granted an exclusive license to a subsidiary of China Medical System Holdings Ltd (CMS) to develop and commercialise seven generic products in Mainland China.

"The collaboration with CMS now covers eight generic products including the seven products referred above. The total addressable market size for all these eight products is about $ 1 billion in Mainland China. The initial term of the agreement shall be 20 years from the first commercial sale of the respective products in Mainland China and may be extended for additional three years’ as per mutual agreement of the two parties," the press release said.

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First Published:Aug 19, 2019 11:54 AM IST