Cipla rose 1.25% to Rs 628 at 9:46 IST on BSE after the company said it has signed an agreement with Salix Pharmaceuticals, Inc., a US-based speciality pharmaceutical company.
The announcement was made after market hours on Thursday, 18 September 2014.
Meanwhile, the S&P BSE Sensex was up 9.13 points or 0.03% at 27,121.34.
On BSE, so far 52,000 shares were traded in the counter as against average daily volume of 3.02 lakh shares in the past two weeks.
The stock hit a high of Rs 632 and a low of Rs 622 so far during the day. The stock had hit a record high of Rs 639.05 on 16 September 2014. The stock had hit a 52-week low of Rs 366.70 on 24 February 2014.
Under the agreement with Salix Pharmaceuticals, Inc (Salix), Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla. The grant is on a worldwide basis, excluding the countries of Asia (other than Japan) and Africa, Cipla said. Salix is required to make an up-front payment and, upon achievement, additional regulatory milestone payments to Cipla in respect of the new license agreement regarding the 'Rifaximin Complexes' patent rights. Salix also will pay a royalty on net sales of products covered by the 'Rifaximin Complexes' patents licensed to Salix, the company said.
Cipla's consolidated net profit declined 39.3% to Rs 294.58 crore on 13.6% growth in net sales to Rs 2647.20 crore in Q1 June 2014 over Q1 June 2013.
Cipla is a global pharmaceutical company. The company's portfolio includes 2000 products in 65 therapeutic categories with one quality standard globally.
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