Shares of IPCA Labs were up 1.5% at Rs 800 after the company late Monday announced a partnership with US-based Oncobiologics.
The two-part alliance is for the development, manufacture and commercialisation of biosimilar monoclonal antibody products, IPCA Labs said in a release to the stock exchanges.
Under the first part of the agreement, IPCA will in-license and commercialise biosimilar products for India and associated markets. These products will be developed by Oncobiologics to US FDA and EU regulatory standards for global commercialisation.
In the second part, Oncobiologics will replicate its biologics R&D and manufacturing facility in India to create a world-class capability for IPCA for further biosimilar commercialisation.
The stock opened at Rs 800 and touched an intra-day high of Rs 809 so far. Over 50,000 shares were traded on both the stock exchanges so far.
