Cipla in the pink of health

Cipla rose 1.93% to Rs 596.60 at 9:58 IST on BSE after the company said that Cipla Medpro has entered into a collaboration with Teva Pharmaceuticals (Pty), an affiliate of Teva Pharmaceutical Industries.

The announcement was made during market hours today, 9 October 2014.

Meanwhile, the S&P BSE Sensex was up 258.59 points or 0.99% at 26,505.38.

On BSE, so far 87,000 shares were traded in the counter as against average daily volume of 2.15 lakh shares in the past two weeks.

The stock hit a high of Rs 604.85 and a low of Rs 587.65 so far during the day. The stock had hit a record high of Rs 639.05 on 16 September 2014. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.

Medpro Pharmaceutica (Pty), a subsidiary company of Cipla Medpro, the third largest pharmaceutical company in South Africa announced that it has entered into a collaboration with Teva Pharmaceuticals (Pty), an affiliate of Teva Pharmaceutical Industries (Teva), the largest generic pharmaceutical manufacturer in the world. The collaboration is restricted to the territory of South Africa, Cipla said in a statement.

The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva's broad pharmaceutical product portfolio in South Africa, Cipla said in a statement.

The collaboration with Teva in South Africa will focus on oncology, central nervous system, women's health, cardiovascular, opthalmology and other specialty products, Cipla said in a statement.

Cipla said that the collaboration is subject to approval by the Competition Commission of South Africa.

Cipla's consolidated net profit declined 39.3% to Rs 294.58 crore on 13.6% growth in net sales to Rs 2647.20 crore in Q1 June 2014 over Q1 June 2013.

Cipla is a global pharmaceutical company. The company's portfolio includes 2,000 products in 65 therapeutic categories with one quality standard globally.

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