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Laurus Labs firms up after partnership with Global Fund

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Laurus Labs rose 3.38% to Rs 387.15 at 14:17 IST on BSE after the company said it entered into strategic partnership agreement with the Global Fund.

The announcement was made during trading hours today, 26 March 2019.

Meanwhile, the S&P BSE Sensex was up 194.27 points, or 0.51% to 38,003.18.

On the BSE, 11,000 shares were traded in the counter so far compared with average daily volumes of 9.12 lakh shares in the past two weeks. The stock had hit a high of Rs 390.25 and a low of Rs 374 so far during the day. The stock hit a 52-week high of Rs 520 on 3 April 2018. The stock hit a 52-week low of Rs 324 on 18 February 2019.

Laurus Labs said it has entered into a strategic partnership agreement with Global Fund for a period of 3.5 years. Through this long term agreement Laurus Labs will have the volume commitments from the Global Fund for the treatment of HIV/AIDS.

Under this partnership agreement Laurus Labs received and executed the order from Global Fund which would cater to the supplies of the high burden diseases countries in Sub Saharan African (SSA) region. This is the maiden order for Tenofovir/Lamivudine/Dolutegravir 300/300/50mg (TLD) after the company received a tentative approval from US Food and Drug Administration (USFDA) in the month of February 2019.

Laurus Labs believes that this strategic partnership with Global Fund would increase the access for the HIV/AIDS treatment by meeting the unmet needs, helping to save the lives of millions.

The Global Fund is a 21st-century partnership organization designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics.

On a consolidated basis, net profit of Laurus Labs declined 48.90% to Rs 17.82 crore on 10.55% rise in net sales to Rs 529.46 crore in Q3 December 2018 over Q3 December 2017.

Laurus Labs is a leading research & development driven and fully integrated pharmaceutical company in India.

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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: Tue, March 26 2019. 14:18 IST