Cipla share price rises on distribution agreement for antipsychotic drug

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Cipla share price rose over 1 percent after the company's subsidiary entered into an agreement for an antipsychotic drug.

Cipla Medpro South Africa (Pty), a wholly-owned subsidiary of Cipla and South Africa’s third-largest pharmaceutical company in the private sector, has recently concluded an exclusive agreement securing originator and authorised generic brands of an atypical antipsychotic drug, Quetiapine.

The agreement involves AstraZeneca Pharmaceuticals (Pty), the originator of the Quetiapine, and Luye Pharma Hong Kong, which acquired the assets and rights to the medicine in select territories.

The transaction allows Cipla Medpro to market and distribute the medicine in South Africa and neighbouring countries.

“This partnership amplifies Cipla’s growing intent to partner with innovator companies and this is a further demonstration of our core competence in building and growing originator brands, ably strengthened by strong corporate governance and quality mindset,” said Paul Miller, CEO of Cipla South Africa.

At 11:18 hrs, Cipla was quoting at Rs 449.85, up Rs 5.00, or 1.12 percent on the BSE.