Sun Pharmaceutical Industries announced that it has bagged nod from the US health watchdog to market its generic edition of Astelin, utilized in addressing nasal allergies, in the US market.

The pharma giant has got authorization from the USFDA for its generic Azelastine HCL nasal spray that

is therapeutically equivalent to Medpointe Pharm HLC's Astelin nasal spray.

The company has obtained authorization to sell its product in the potency of 0.1% (137 mcg/spray).

As per the company approximations, Azelastine HCL nasal spray has twelve-monthly sales of approximately $144 million in the United States.

The medicine is prescribed for the cure of the symptoms of seasonal allergic rhinitis comprising rhinorrhea, sneezing and nasal pruritus.

It is also utilized for addressing symptoms of vasomotor rhinitis, like rhinorrhea, nasal congestion and postnasal drip in adults.

At 12:13 p. m., the company's shares surged 1% to rule at Rs 575.60 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 610 and a low of Rs 426.20 on BSE.

Current EPS & P/E ratio of the stock stood at 21.34 & 26.97 respectively.