Lupin extends losses in an otherwise firm market

Lupin has dipped 1% extending its yesterday's decline of 5%, after entering into a partnership with Merck Serono,

Lupin has dipped 1% to Rs 1,348 extending its yesterday’s decline of 5%, after the pharmaceutical company announced that it has entered into a long term strategic partnership with Merck Serono, the Biopharmaceutical division of Merck.

 

However, at 9.42 AM, the Nifty is quoting at 7,939 levels up by 7 points or 0.09%. 

 

The stock opened at Rs 1,380 and touched a high of Rs 1,394 and a low of Rs 1,341 on the NSE.   A total of 138,901 shares changed hands on the counter so far on NSE.

 

“Lupin will support Merck Serono in the implementation of the company’s General Medicines portfolio expansion initiative in emerging markets thus addressing local needs for affordable, high quality medicines, “ Lupin said in a statement.

 

The agreement builds on an established working relationship between the two companies, and could add up to 20 new products to the current portfolio. The first launches are expected in 2016, it added