Lupin touches new high after joint venture with Japan's Yoshindo

The pharma stock has rallied 5% in the past four trading sessions compared with a 1% decline in benchmark CNX Nifty.

Lupin is trading higher by 1.5% at Rs 1,007, extending its 4% gain in the past three trading sessions, after the company said it had entered into a strategic joint venture with Japanese pharmaceuticals company Yoshindo Inc.

The stock opened at Rs 990 and touched a new high of Rs 1,014 on the NSE. A combined around 236,000 shares have changed hands on the counter so far on the NSE and BSE. Meanwhile, the benchmark CNX Nifty has dipped nearly 1% in the past four trading sessions.

The pharma major, Lupin announced on April 23, 2014 that it has entered into a strategic joint venture agreement with the Toyama-based Japanese pharmaceuticals company, Yoshindo Inc. to create a new entity, YL Biologics (YLB).

YLB will be jointly managed by both partners and will be responsible for conducting clinical development of certain biosimilars including regulatory filings and obtaining marketing authorizations in Japan.

Lupin will receive milestone-based licensing income in addition to commercial supplies of the drug substance. Both companies will market the product under their own brand names.