Cipla has moved higher by 3% to Rs 618 in otherwise weak market on BSE after the pharmaceutical company through its subsidiary Cipla Europe NV, has entered into an agreement to distribute Serum Institute of India Ltd’s (SII) paediatric vaccines in Europe.
As per the agreement, Serum Institute of India, a Poonawalla group company and one of the leading manufacturers of vaccines in India, will develop and manufacture paediatric vaccines, while Cipla will seek European Medicines Agency approval and market the products in Europe, the company said in a press release.
The vaccines will be manufactured in Serum’s production facilities approved by WHO, it added.
The stock opened at Rs 607 and hit a low of Rs 596 in early morning deal on BSE. A combined 1.79 million shares changed hands on the counter till 1200 hours in BSE and NSE.
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