Cadila Healthcare gains after launching new drug

Cadila Healthcare rose 1.05% to Rs 671.50 at 15:11 IST on BSE after the company launched a diabetes drug in India.

Meanwhile, the BSE Sensex was up 35.71 points, or 0.18%, to 19,768.47.

On BSE, 4,425 shares were traded in the counter compared with average volume of 38,752 shares in the past one quarter.

The stock hit a high of Rs 675.30 and a low of Rs 668 so far during the day. The stock hit a 52-week high of Rs 937.75 on 13 September 2012. The stock hit a 52-week low of Rs 631 on 20 August 2013.

The stock had underperformed the market over the past one month till 13 September 2013, falling 1.72% compared with the Sensex's 2.62% rise. The scrip had also underperformed the market in past one quarter, falling 10.29% as against Sensex's 4.81% rise.

The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Rs 5.

Cadila Healthcare said that three months after announcing its breakthrough in research, the Zydus Group has launched Lipaglyn, a novel drug targeted at bridging an unmet healthcare need for treating Diabetic Dyslipidemia and Hypertriglyceridemia in Type II diabetes, not controlled by statins alone. Lipaglyn will be available across India and can be prescribed by cardiologists, diabetologists and general physicians. The therapy is priced at Rs 25.90 per tablet.

Speaking on the occasion, Pankaj R. Patel, chairman and managing director, Zydus Cadila said, "It's a great milestone for Indian pharmaceutical research today as Lipaglyn completes its journey from the lab to the market. Lipaglyn has opened up a new path in the care and management of diabetes and its complications and I believe this is just the beginning of India's contribution to the world of pharma research."

Cadila Healthcare's consolidated net profit rose 0.4% to Rs 195.62 crore on 6% growth in net sales to Rs 1607.45 crore in Q1 June 2013 over Q1 June 2012.

Cadila Healthcare is a global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare products. The company aims to be a leading global healthcare provider with a robust product pipeline. The company aims to achieve sales of over $3 billion by 2015 and be a research-based pharmaceutical company by 2020.

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