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Cipla gains after unit inks agreement for anti-psychotic drug

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Cipla said its wholly-owned subsidiary, Cipla Medpro South Africa, has concluded an exclusive agreement securing originator and authorized generic brands of an atypical anti-psychotic drug, Quetiapine.

Shares of drug major were up 0.56% at Rs 447.35. It traded in the range of Rs 445.90 and Rs 447.90 so far.

The agreement involves AstraZeneca Pharmaceuticals, the originator of the medicine, and Luye Pharma Hong Kong, which acquired the assets and rights to the medicine in select territories. The transaction allows Cipla Medpro to market and distribute the Medicine in South Africa and neighboring countries, Cipla said in a statement after market hours on Monday (10 February).

Paul Miller, CEO of Cipla South Africa, said the agreement strategically enhances Cipla's central nervous system (CNS) portfolio: "This partnership amplifies Cipla's growing intent to partner with innovator companies and this is a further demonstration of our core competence in building and growing originator brands, ably strengthened by strong corporate governance and quality mindset."

On a consolidated basis, Cipla's net profit gained 5.66% to Rs 351.03 crore in Q3 December 2019 (Q3 FY20) as against Rs 332.20 crore reported in Q3 December 2018 (Q3 FY19). Net sales advanced 8.40% year-on-year (YoY) to Rs 4,234.55 crore in Q3 FY20. Cipla declared its Q3 earnings on 5 February 2020.

Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets.

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

First Published: Tue, February 11 2020. 09:18 IST