Cipla soars on inking agreement with Novartis Pharma AG!
The pharma stock was buzzing on the bourses today.
License Agreement with Novartis Pharma AG
Cipla signed a perpetual license agreement with Novartis Pharma AG (Switzerland) on April 10, 2023, to manufacture and market Galvus and Galvus combination brands, used in the treatment of type 2 diabetes from January 1, 2026. The agreement is subject to satisfaction of certain conditions precedent. During the interim period, it would continue to market and distribute Galvus-branded products.
Galvus is one of the leading brands in the Dipeptidyl Peptidase-4 (DPP4) space and amongst the prominent brands in the oral diabetic medication category. Galvus has the potential to contribute significantly to Cipla’s portfolio in the diabetes care continuum space with reported sales of Rs 268 crore (IQVIA MAT February 2023). This deal is expected to further bolster Cipla’s position in India as one of the top players in the diabetes category.
Share price movement of Cipla Limited
Today, the stock opened at Rs 895.10, with a high and low of Rs 904.05 and Rs 894.50. The stock closed trading today at Rs 901.85, up by 1.02%.
The stock has a 52-week high of Rs 1185 and a 52-week low of Rs 852. The company has a market capitalisation of Rs 72,792.88 crore.
Cipla Limited is a global pharmaceutical company focused on the responsible and sustainable growth of complex generics and deepening its portfolio in home markets of India, South Africa and North America, as well as key regulated and emerging markets. The company is in the business of manufacturing, developing, and marketing a wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs).
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