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Last Updated : Sep 05, 2019 11:12 AM IST | Source: Moneycontrol.com

Lupin jumps 2% after Morgan Stanley maintains overweight, sees 32% upside

Lupin entered into a licensing agreement with Germany’s Boehringer Ingelheim to develop and commercialise a novel anti-cancer compound in a deal valued at $700 million.

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Share price of India's third largest pharma company Lupin jumped over 2 percent intraday on September 5 after global research firm Morgan Stanley maintained overweight call on the stock with the target of Rs 1,003 per share.

Lupin entered into a licensing agreement with Germany’s Boehringer Ingelheim to develop and commercialise a novel anti-cancer compound in a deal valued at $700 million.

The partnership aims to develop Lupin’s lead MEK inhibitor compound in combination with one of Boehringer Ingelheim’s innovative KRAS inhibitors for patients with gastrointestinal and lung cancers harbouring a broad range of oncogenic KRAS mutations.

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"Preclinical data has shown that the combination of Boehringer Ingelheim’s novel KRAS inhibitors with MEK inhibitors results in increased anti-tumor activity based on their complementary mechanisms of action in keeping KRAS-driven cancers in check," the company said in a statement.

At 1056 hrs, Lupin was quoting Rs 758.20, up Rs 16.70, or 2.25 percent. It touched an intraday high of Rs 761.00 and an intraday low of Rs 742.50.

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First Published on Sep 5, 2019 11:12 am
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