Sun Pharma slips despite USFDA nod for generic diabetes drug

NEW DELHI: Shares of Sun Pharma ended 0.76 per cent lower on Tuesday despite the pharma major getting the final approval from the US health regulator FDA (Food and Drug Administration) to launch a generic version of Glumetza, Metformin Hydrochloride tablets - a diabetes drug - in the US.

"These Metformin Hydrochloride extended release tablets are therapeutic equivalents of Santarus' Glumetza tablets," the statement said. The tablets may have an annual sales of around $1.2 billion in the US, IANS reported.