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Cipla climbs on launching COVID-19 antibody detection kit

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Cipla gained 1.23% to Rs 751.6 after the drug major announced that it signed a licensing agreement with a Belgium-based firm, Multi G for the distribution of their COVID-19 Rapid Antibody test kit, across most Emerging markets and Europe.

As part of this agreement, Cipla will be responsible for distribution of the COVID-19 rapid antibody kit that will be manufactured by MultiG. It is marketed under the brand name 'Covi-G', this was among the earliest Antibody kits to declare CE-compliance and is awaiting approval by ICH country regulators. It has been commercialised in 20+ countries already, with sensitivity and specificity exceeding 92%. It tests for both IgM and IgG antibodies, using a single-prick blood test using of the test result indicator visual interpretation. The kit gives results within 10 minutes.

This launch marks yet another addition to our COVID portfolio after ELIFAST diagnostic kits, the drug major said in a statement today (18 November).

Cipla is a global pharmaceutical company focused on complex generics, and deepening its portfolio in the markets of India, South Africa, North America, and key regulated and emerging markets.

The drug major reported 41.2% jump in consolidated net profit to Rs 665.43 crore on 16.6% increase in net sales to Rs 4,972.58 crore in Q2 FY21 over Q2 FY20. EBITDA rose by 29% to Rs 1,177 crore in the second quarter from Rs 909 in the same period last year. EBITDA margin was at 23.4% in Q2 FY21 as compared to 20.7% in Q2 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 18 2020. 09:17 IST
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