InvestorQ : Why did Sun Pharma rally so sharply on Monday 10 May in the markets?
Anjana Aiyar made post

Why did Sun Pharma rally so sharply on Monday 10 May in the markets?

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Khushi Patel answered.
1 month ago
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On Monday, the stock of Sun Pharma rallied over 3.5% and even crossed the psychological Rs.700 mark after a very long time gap. This was after Sun announced its deal with Eli Lilly of the US to expand access to the Baricitinib drug in India. It may be recollected that Baricitinib is used in conjunction with Remdesevir in treating suspected COVID-19 infections.

Remdesevir has been in shortage in India in the last few weeks. This Eli Lilly drug is recommended for patients requiring supplemental oxygen. However, while Baricitinib is not approved in India for treating COVID-19, it is already authorized for emergency use or EUA by FDA. In response to this news, Sun Pharma stock continued its rally.

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