Sun Pharma Advanced Research Company (SPARC) is up over 5% at Rs.428 levels and this is after hitting an intra day high at Rs.438.35. The stock hit a new 52-week high at Rs.598 on 10th March’15.

The stock is the limelight after the company announced that it has licensed out Xelpros, a product used in glaucoma care to a subsidiary of Sun Pharma for the US market. This is an extremely lucrative move as SPARC will stand to earn a total of $16 million from Sun Pharma. At the moment it will receive an advance payment of $3 million. This apart, SPARC will be eligible to earn some royalties and additional payments associated to the actual sales performance of Xelpros.