Suven Life Sciences surges 5% on securing a product patent in New Zealand

NEW DELHI: Shares of Suven Life Sciences surged over 5 per cent on Tuesday after the company secured a product patent in New Zealand corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.

Following the development, the stock rallied 5.50 per cent to close at Rs 190.95 on BSE. It opened at Rs 181.85 and touched an intraday high and low of Rs 198.80 and Rs 179.85 respectively.

Venkat Jasti, CEO of Suven Life Sciences said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".

Promoters held 60 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, the company reported total revenue at 141.02 crore and net profit stood at 29.57 crore.

The scrip touched its fresh 52-week high of Rs 209 on October 20, 2016 and its 52-week low of Rs 151.10 on November 9, 2016.