Cipla rises nearly 3% as company to market Eli Lilly's diabetes drug

Employees and security staff work at the reception area of Cipla at its headquarters in Mumbai, India June 17, 2015. Cipla Ltd, India's fourth-largest drugmaker by sales, is planning to enter Latin America and Eastern Europe to tap into growing demand for generic drugs in emerging markets, Chief Executive Subhanu Saxena said. REUTERS/Danish Siddiqui - RTX1GUXV

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Shares of Cipla rose nearly 3 percent intraday Friday as company partnered with Eli Lilly for the marketing and distribution of Lilly’s BASAGLAR in India.

Under this agreement, Lilly’s BASAGLAR that is manufactured by Lilly will be marketed and distributed in India by Cipla.

Umang Vohra, MD & Global CEO, Cipla said, “Diabetes continues to be a focus area for Cipla and with the launch of strong brand like BASAGLAR, Cipla will be at the forefront of providing a holistic diabetes care with the most comprehensive portfolio across orals and injectables.”

At 13:08 hrs Cipla was quoting at Rs 552.50, up Rs 12.25, or 2.27 percent on the BSE.

The company's trailing 12-month (TTM) EPS was at Rs 18.24 per share. (Mar, 2018). The stock's price-to-earnings (P/E) ratio was 30.51. The latest book value of the company is Rs 177.23 per share.

Posted by Rakesh Patil