Cipla advances after announcing partnership with Eli Lilly

Cipla surged 3.28% to Rs 557.95 at 14:46 IST on BSE after the company announced partnership with Eli Lilly & Company to market diabetes drug BASAGLAR.

The announcement was made during market hours today, 8 June 2018.

Meanwhile, the S&P BSE Sensex was down 33.67 points or 0.09% at 35,429.41.

On the BSE, 1.57 lakh shares were traded on the counter so far as against average daily volumes of 5.02 lakh shares in the past two weeks. The stock had hit a high of Rs 560.45 and a low of Rs 539.50 so far during the day. The stock had hit a 52-week high of Rs 663 on 7 November 2017. The stock had hit a 52-week low of Rs 508.10 on 22 May 2018.

Cipla today announced its partnership with, Eli Lilly and Company (India), a 100% subsidiary of Eli Lilly and Company, a global multinational pharmaceutical leader, for the marketing and distribution of Lilly's BASAGLAR (insulin glargine injection) in India. Cipla expects to start commercialising BASAGLAR in India by end of the year 2018. Under this agreement, Lilly's BASAGLAR that is manufactured by Lilly will be marketed and distributed in India by Cipla.

Umang Vohra, MD & Global CEO, Cipla said that diabetes continues to be a focus area for the company and with the launch of strong brand like BASAGLAR, Cipla will be at the forefront of providing a holistic diabetes care with the most comprehensive portfolio across orals and injectables.

Cipla reported consolidated net profit of Rs 153.25 crore in Q4 March 2018 as compared with net loss of Rs 62.79 crore in Q4 March 2017. Cipla's consolidated total income rose 3.69% to Rs 3737.98 crore in Q4 March 2018 over Q4 March 2017.

Cipla is a global pharmaceutical company. Its portfolio includes over 1500 products across wide range of therapeutic categories.

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