State-run insurer Life Insurance Corporation of India (LIC) has increased its stake in pharmaceutical company Sun Pharmaceutical Industries. The drug firm stated in its regulatory filing that LIC increased its stake through market purchase.
After the recent purchase, LIC now has 7.026 per cent stake or 16.85 crore equity shares in the company. Recently, LIC picked up 2.016 per cent or 4.83 crore equity share in the pharmaceutical company.
Today, the share of the company closed at Rs 690.85 per piece. It touched a low of Rs 684.80 per piece and traded at a high of Rs 695.85 per share.
Recently, Sun Pharmaceutical Industries entered into a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company (Lilly) for expanding access to Lilly’s drug, baricitinib in India. Sun Pharma will manufacture and distribute the drug in India.
Baricitinib is used in combination with remdesivir for the treatment of suspected or laboratory confirmed COVID-19 in hospitalised adults requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).
