 "Cipla up 3% after Medpro enters into collaboration with Teva Pharma")
Shares of Cipla were trading 3% higher at Rs 602 after the company said Medpro Pharma has entered into a tie up with Teva Pharmaceuticals affiliate to exclusively sell Teva products in South Africa. Medpro Pharma is a subsidiary company of Cipla Medpro.
The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva’s broad pharmaceutical product portfolio in South Africa, Cipla said in a regulatory filing.
The collaboration subject to approval from Competition Commission of South Africa, it added.
The stock opened at Rs 590 and hit a high of Rs 605 on NSE. A combined 450,000 shares changed hands on the counter in first half-an-hour of trading on NSE and BSE.
The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva’s broad pharmaceutical product portfolio in South Africa, Cipla said in a regulatory filing.
The collaboration subject to approval from Competition Commission of South Africa, it added.
The stock opened at Rs 590 and hit a high of Rs 605 on NSE. A combined 450,000 shares changed hands on the counter in first half-an-hour of trading on NSE and BSE.