Suven Life Sciences bagging European patent

Suven Life Sciences surged 3.68% to Rs 36.60 at 10:50 IST on BSE after the company said it has received European product patent from European Patent Office for its clinical candidate SUVN-502.

The stock hit a high of Rs 37.50 and a low of Rs 35.55 so far during the day. The stock had a 52-week high of Rs 64.45 on 28 December 2007 and a 52-week low of Rs 28 on 19 October 2007.

The company’s current equity is Rs 11.57 crore. Face value per share is Rs 1.

The current price of Rs 36.60 discounts its Q4 March 2008 annualised EPS of Rs 0.67, by a PE multiple of 54.63.

SUVN-502 is being developed for treatment central nervous system (CNS) disorders like Alzheimer’s disease (AD), attention deficit hyperactivity disorder (ADHD), memory impairment with aging and schizophrenia. The patent is valid till June 2023.

In April 2008, Suven Life Sciences’ clinical research division entered into a pact with China-based VPSCRO, to conduct clinical trial services in India and China.

In March 2008, the secured patent rights in Mexico and Korea for two of its new chemical entities for the treatment of disorders associated with neurodegenerative diseases.

Suven Life Sciences’ net profit declined 33.3% to Rs 1.94 crore on 24.4% growth in net sales to Rs 35 crore in Q4 March 2008 over Q4 March 2007.

Suven Life Sciences’ principal activity is to design, manufacture and the supply of bulk active, drug intermediates and fine chemicals to the life science industry. The company mainly operates in the USA, Europe, Asia and India.