Lupin hits new high

The pharmaceutical major is in advanced talks to sign a blockbuster deal with Merck Serono, report.

Lupin has moved higher by 5% to Rs 1,422, also its new high on BSE, on media reports that the pharmaceutical major is in advanced talks to sign a blockbuster deal with Merck  Serono.

As part of the deal, Lupin will manufacture Merck Serono's USD 1.5 billion worth branded mature drugs at its facilities, ET Now report suggests quoting unnamed sources.

Meanwhile, in past two trading sessions, shares of pharmaceutical major has rallied nearly 8% from Rs 1,321 on September 11, after Lupin and US-based Salix Pharmaceuticals, Inc. (Salix) have entered a distribution agreement under which Salix has granted Lupin the exclusive right to market, distribute and sell certain Salix products in Canada.

Under the agreement, Lupin also has the option to exclusively market, distribute and sell other gastroenterology products in Salix's Canadian pipeline once approved by Health Canada. Salix will receive an upfront payment and distribution fees, and is eligible for additional pre-commercial and sales milestone payments. Salix will supply the products to Lupin under separate supply agreements, said a company statement.