Cipla rose 0.12% to Rs 570.70 after the company said it entered into a licensing agreement with US-based Gilead Sciences to expand access to COVID-19 treatment.
Cipla on Wednesday (13 May 2020) said it has signed a non-exclusive licensing agreement with Gilead Sciences, Inc. for the manufacturing and distribution of the investigational medicine Remdesivir, which has been issued an Emergency Use Authorization (EUA) by the US Food and Drug Administration (FDA) to treat COVID-19 patients.
As part of the agreement, Cipla will be permitted to manufacture the API and Finished product, and market it in 127 countries including India and South Africa under Cipla's own brand name. Cipla will receive the manufacturing know-how from Gilead Sciences, Inc. to manufacture the API and Finished product at a commercial scale. Cipla's extensive geographical and commercial footprint will help make this therapy accessible to more patients and markets.
Commenting on the partnership, Umang Vohra (MD and Global CEO, Cipla) said, "As the world is faced with the COVID-19 crisis, it is imperative that we collaborate and fight this virus together. We are pleased to partner with Gilead for this cause and take this treatment to patients across countries after the required regulatory approvals. At Cipla, it is our continuous endeavour to ensure that no patient is denied access to life-saving treatments. Our partnership with Gilead represents this unwavering commitment and is a significant step towards saving millions of lives impacted by the pandemic."
On a consolidated basis, Cipla's net profit rose 5.7% to Rs 351.03 crore in Q3 December 2019 as against Rs 332.20 crore reported in Q3 December 2018. Net sales advanced 8.4% to Rs 4,234.55 crore in Q3 FY20 over Q3 FY19.
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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