The company made the announcement during trading hours today, 5 December 2012.
Meanwhile, the BSE Sensex was up 40.46 points or 0.21% at 19,388.58.
On BSE, 2.21 lakh shares were traded in the counter as against average daily volume of 75,819 shares in the past one quarter.
The stock hit a high of Rs 1,224.90 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,164 so far during the day. The stock had hit a 52-week low of Rs 369.40 on 27 December 2011.
The stock had outperformed the market over the past one month till 4 December 2012, surging 33.88% compared with the Sensex's 3.16% rise. The scrip had also outperformed the market in past one quarter, jumping 45.88% as against Sensex's 10.94% surge.
The mid-cap company has equity capital of Rs 58.80 crore. Face value per share is Rs 10.
Shares of Strides Arcolab had witnessed a solid rally recently. The stock galloped 43.37% to settle at Rs 1194.85 on Tuesday, 4 December 2012, from recent low of Rs 833.35 on 13 November 2012.
Strides Arcolab and Eli Lilly and Company today, 5 December 2012, announced a collaboration to expand delivery of cancer medicines in the emerging markets. As a part of this arrangement, Lilly will in-license a portfolio of high-quality, branded generic injectable and oral cancer medicines from Agila Specialties, the specialties division of Strides Arcolab.
Agila Specialties will manufacture the cancer medicines, and Lilly will register and market these medications in multiple geographies across the emerging markets. In addition to the initial 10 medicines included as part of the agreement, Lilly has the right to add additional high-quality branded generic oncology products to the portfolio in the future.
Commenting on the collaboration with Eli Lilly, Arun Kumar, Founder & Group CEO, Strides Arcolab said, "We are delighted to partner with Lilly to expand its branded generics platform with high-quality oncology products that will benefit from Lilly's strong global presence in key markets".
Commenting on the development, Jacques Tapiero, Lilly Senior Vice President and President of its emerging markets division said, "Cancer medicines of the highest quality continue to be an unmet need in many markets around the world. Building on our recent investments in a Lilly-branded generics platform in China earlier this year, this agreement will help Lilly expand its portfolio and deliver high-quality cancer medicines to patients across emerging markets".
Commenting on the occasion, Melt Van Der Spuy, Managing Director, Lilly India said, "This strategic partnership marks Lilly India's entry into branded generics, reaffirming our commitment to reach more Indian patients. We believe this partnership will help us build a significantly larger and more meaningful presence in the Indian cancer segment, and hence, enable us to better serve many more Indian patients suffering from various forms of cancer".
Eli Lilly and Company, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. The company is headquartered in Indianapolis, Ind., USA.
Strides Arcolab's consolidated net profit rose 13% to Rs 52.49 crore on 24.8% decline in net sales to Rs 577.34 crore in Q3 September 2012 over Q3 September 2011.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore. The company develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables. The company has 14 manufacturing facilities across 6 countries with presence in more than 75 countries in developed and emerging markets.
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