Ipca Laboratories rose 1.36% to Rs 799 at 9:53 IST on BSE after the company inked an agreement with US-based Oncobiologics Inc to develop and manufacture biosimilar monoclonal antibody products.
The announcement was made after trading hours on Monday, 2 June 2014.
Meanwhile, the BSE Sensex was up 61.09 points, or 0.25%, to 24,745.94.
On BSE, so far 6,661 shares were traded in the counter, compared with an average volume of 17,693 shares in the past one quarter.
The stock hit a high of Rs 803.90 and a low of Rs 791.20 so far during the day. The stock hit a record high of Rs 906.90 on 28 February 2014. The stock hit a 52-week low of Rs 590 on 3 June 2013.
The stock had underperformed the market over the past one month till 2 June 2014, falling 5.91% compared with 10.18% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 11.16% as against Sensex's 16.88% rise.
The mid-cap company has an equity capital of Rs 25.24 crore. Face value per share is Rs 2.
Ipca Laboratories (Ipca Labs) and Oncobiologics, Inc., USA (Oncobiologics) announced the creation of a two-part alliance for the development, manufacture and commercialization of biosimilar monoclonal antibody products. The financial terms of the agreement between the two companies were not disclosed. Under the first part of the agreement, Ipca will in-license and commercialize biosimilar products for India and other associated markets. These products will be developed by Oncobiologics to USFDA and EU regulatory standards for global commercialization. Initial manufacturing will occur in the US by Oncobiologics and later by Ipca in India. The biologics covered by the agreement are among the most popular therapies in the world for immunology and oncology disease indications, Ipca said in statement. The partnership is planning to launch the first product in 2017, the Indian pharmaceutical company said.
Under the second part of the agreement, Oncobiologics will replicate its biologics R&D and manufacturing facility in India to create a world-class capability for Ipca for further biosimilar commercialization. The Mumbai R&D facility will be designed for development and commercialization of complex monoclonal antibodies. The manufacturing facility will be located in Vadodara and will utilize the latest single-use manufacturing platform, Ipca said. The R&D facility will be operational from 2015 and the manufacturing facility will be operational by 2016.
Net profit of Ipca Laboratories rose 81.67% to Rs 137.03 crore on 12.32% rise in net sales to Rs 739.81 crore in Q4 March 2014 over Q4 March 2013.
Ipca Laboratories is a fully-integrated Indian pharmaceutical company manufacturing over 350 formulations and 80 APIs for various therapeutic segments.
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