Lupin rose 2.57% to Rs 896 at 12:12 IST on BSE after the company announced forming a strategic partnership with MSD to co-market MSD's 23-valent Pneumococcal polysaccharide vaccine for Indian market.
The announcement was made during trading hours today, 18 July 2013.
Meanwhile, the S&P BSE Sensex was up 39.88 points or 0.2% at 19,988.61.
On BSE, 1.03 lakh shares were traded in the counter as against average daily volume of 89,627 shares in the past one quarter.
The stock hit a high of Rs 904.95 so far during the day, which is a record high for the counter. The stock hit a low of Rs 879.10 so far during the day. The stock had hit a 52-week low of Rs 540.15 on 11 October 2012.
The stock had outperformed the market over the past one month till 17 July 2013, surging 10.84% compared with the Sensex's 3.22% rise. The scrip had also outperformed the market in past one quarter, jumping 29.75% as against Sensex's 6.5% rise.
The large-cap company has equity capital of Rs 89.56 crore. Face value per share is Rs 2.
Lupin will have a non-exclusive license to market, promote and distribute MSD's 23-valent Pneumococcal Polysaccharide Vaccine under a different brand name in India, MSD and Lupin said in a joint statement. MSD is one of the world's leading players in the Pneumococcal polysaccharide vaccine (PPV) category.
Announcing the partnership with MSD, Mr. Shakti Chakraborty, Group President, India & CIS countries, Lupin said, "We are pleased to be associated with MSD in India. This partnership bears testimony to Lupin's leadership credentials in the Indian Pharmaceutical market (IPM), 2.8% market share of the overall IPM, not to mention leadership specifically in the cardiovascular, diabetes and respiratory therapy segments as also our existing market reach within the IPM. We believe that the partnership is an important step-forward as both companies share a common passion and commitment to make a meaningful difference to the lives of patients suffering from Pneumococcal diseases in India".
Mr. K. G. Ananthakrishnan, MD, MSD in India said, "MSD has a rich legacy of developing vaccines to prevent some of the world's leading diseases. We are proud to have entered into a strategic, India-specific partnership with Lupin. This partnership is aligned with our commitment towards patients in India and also addressing treatment challenges for high risk patients by providing broader access to our innovative medicines and vaccines. It is a perfect amalgamation as MSD brings the research and scientific excellence for Pneumococcal Polysaccharide Vaccines, and Lupin brings their marketing excellence, significant reach among key clinician categories to drive product access. MSD and Lupin both share the same commitment of providing broader access to a larger at risk adult population, driving vaccination rate and reducing fatality, which is core to this unique collaboration in Vaccines".
Lupin's consolidated net profit jumped 162.2% to Rs 408.08 crore on 34.7% growth in net sales to Rs 2537.35 crore in Q4 March 2013 over Q4 March 2012.
Headquartered in Mumbai, Lupin is a pharmaceutical company producing and developing a wide range of branded and generic formulations and active pharmaceutical ingredients. The company is a significant player in the cardiovascular, diabetology, asthma, pediatric, CNS, GI, anti-infective and NSAID space and holds global leadership positions in the anti-TB and Cephalosporin segment.
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