Sun Pharma Hits 52-Week High on South Africa Drug Nod

Sun Pharma hit a 52-week high of Rs 1,962.70 on the NSE on Wednesday after South Africa approved its generic diabetes drug.

The approval came from South Africa’s health regulator, SAHPRA. It clears Sun Pharma to manufacture and market the injectable drug for adults with Type 2 diabetes that isn’t well controlled through diet and exercise alone.

The medicine will be sold as a pre-filled pen, in two strengths, meant for once-a-week use. This is only the second country where Sun Pharma has secured this approval. India was the first.

Company COO Aalok Shanghvi said the clearance shows the firm’s ability to build complex generic medicines that meet strict quality bars across different markets. He added that the goal is to keep making evidence-based treatments more accessible.

Sun Pharma isn’t stopping at this one deal either. Just last month, the company agreed to acquire Innovacare Lifesciences in a transaction worth around Rs 271.2 crore, aimed at strengthening its product portfolio. That deal is expected to close by the end of July.

South Africa’s diabetes cases have been climbing as more people move to cities and lifestyles shift, something the company pointed to as a reason wider access to treatment matters there.

At 12:10 pm on Wednesday, Sun Pharma shares were trading at Rs 1,956.60 on the NSE, up 0.72% or Rs 14.00, not far off the day’s high of Rs 1,962.70. The stock has climbed nearly 14% so far this year and is up more than 13% over the past twelve months.

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