Cadila Healthcare gains after tie-up with Turkish firm

Cadila Healthcare rose 0.60% to Rs 321 at 12:40 IST on BSE after the company said it entered into a strategic collaboration with Turkey-based Eczacıbaşı to market biosimilars in Turkey.

The announcement was made during trading hours today, 15 June 2016.

Meanwhile, the BSE Sensex was up 125.28 points, or 0.47%, to 26,520.99.

On BSE, so far 28,000 shares were traded in the counter, compared with an average volume of 53.70 lakh shares in the past one quarter. The stock hit a high of Rs 322.15 and a low of Rs 318.60 so far during the day. The stock hit a record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had underperformed the market over the past one month till 14 June 2016, falling 0.96% compared with 2.89% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 5.66% as against Sensex's 6.94% rise.

The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Re 1.

Zydus Cadila, a global healthcare provider and Eczac?ba?? ?laPazarlama AS, a leading healthcare company of Turkey, have signed a strategic collaboration agreement to market biotech products in the Turkish market. The agreement involves the import of biosimilars which are currently unavailable in the country especially for the treatment of cancer and also paves the way for a long term strategic collaboration to produce and launch new products in the market.

The agreement was signed at the headquarters of Eczac?ba?? Holding located at Kanyon Ofis in Istanbul by Pankaj Patel, Chairman and Managing Director of Zydus Group, Dr. Sharvil Patel, Deputy Managing Director of Zydus Group and Mr. Bent Chairman of Eczac?ba?? Holding, Dr. Erdal Karamerean, CEO of Eczac?ba?? Group, and Elif Celik Eczac?ba?? Healthcare Group President.

Cadila Healthcare's consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

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