Shares of Cipla are trading higher by 3% to Rs 616 on the BSE after the company agreed to market paediatric vaccines made by Serum Institute of India in Europe, in a move that marks India's fourth-largest drugmaker's entry into the vaccines space.
Financial details of the deal with Serum Institute, one of India's largest makers of vaccines, were not disclosed.
Cipla, which exports to over 170 countries, is working on expanding its presence in Europe, a region that contributed 5.7% to the company's total revenue in the year to March 2013.
As part of this strategy, Cipla has launched multiple respiratory products in Europe this year, and launch of some key inhalers is expected in 2015.
"We see vaccines as one of the critical components of our offering to European patients," Cipla's Europe business head Frank Pieters said in a statement.
The stock opened at Rs 607, touched a high of Rs 617 and a low of Rs 596 on the BSE. A total of 143,384 shares have changed hands on the BSE so far.
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