Sun Pharma stock gains on possible acquisition of US company

Sun Pharmaceutical stock rose a percent on Tuesday on report of possible acquisition of US-based eye care specialty company InSite Vision Inc. The stock closed 1.11 percent higher at Rs 866.70.

According to a media report the deal if materialises could be worth about Rs 300 crore. It added InSite Vision Inc had entered into a sale agreement with Canadian company QLT but the agreement allowed the ophthalmic product maker to negotiate with other companies if the bid amount is higher.

"Sun Pharma does not comment on market speculations," a company spokesperson said.

InSite Vision develops novel ophthalmic products designed to treat a growing range of common eye problems, including ocular infection, pain and inflammation in ocular surgery, and glaucoma, according to its website.

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