Pharmaceutical company Ferozsons Laboratories has grabbed the spotlight with its stock hitting three ‘upper locks’ in as many sessions, adding Rs69 or 16 per cent to the share price which closed on Tuesday at Rs504.
The stock outperformed the benchmark KSE-100 index by 113pc during the last three months.
The euphoria has been generated after Ferozsons — the sixth largest publicly listed pharmaceutical company (in terms of sales) — announced that it entered into an agreement with an American company, Gilead Sciences, under which it would market and distribute new revolutionary Hepatitis-C treatment drug ‘Sovaldi’ in Pakistan.
This agreement has finally been endorsed by the Drug Regulatory Authority of Pakistan (DRAP) which will allow Ferozsons to start distribution of the drug by Dec’14. A single ‘Sovaldi’ tablet costs Rs. 1950
