Sun Pharma at record high; hopes of higher sales in key drug
Sep 26 2013
The expected shortage in supply is due to an interruption from the company's own supplier, Ben Venue Laboratories Inc, J&J said.
J&J cannot provide an estimate of when the cancer drug would be available again and has advised healthcare providers to contact Sun Pharma.
Analysts tracking the sector say Sun Pharma already has 50 percent of the market share in this drug which will get a further boost after this development.
Credit Suisse initiates coverage on the company's unit, Taro Pharmaceutical Industries Ltd (TARO.N), with an "outperform" rating and a target of $85, saying improving growth visibility, was seen helping the shares.
At 1117 am, Sun Pharma shares are up 2.87 percent.