Moneycontrol Bureau
Brokerage Bank of America Merrill Lynch (BoAML) feels launch of asthma drug by Mylan in the UK is negative for Cipla because the drug maker was earlier expected to be the first company to launch this drug. Shares of Cipla fell nearly 2 percent in early trade Tuesday.
Mylan announced that it has launched the first generic version of GlaxoSmithKline’s Seretide Evohaler (salmeterol xinafoate/fluticasone propionate) under the brand name Sirdupla (pMDI), 125/25 mcg and 250/25 mcg with 120 doses strengths, in the UK.
Sirdupla is indicated in the treatment of asthma in adults aged 18 years and over.
BoAML sees this as negative for Cipla, as earlier it had estimated Cipla was the first player to launch gSeretide pMDI in the UK. The brokerage has retained its neutral rating with a price target of Rs 662.
At 09:22 hours IST, the scrip of Cipla was quoting at Rs 607.05, down Rs 7.00, or 1.14 percent on the BSE.
Posted by Sunil Shankar Matkar
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