Pfizer shares gain 9% after board approves agreement with Mylan Pharma

Pfizer shares jumped 8.6 per cent in Monday's trade on BSE, logging an intraday high at Rs 4,448.35 per share. The stock gained after the company's board approved entering into a marketing and supply agreement with Mylan Pharmaceuticals.

 

Around 10:27 AM, Pfizer share price was up 6.36 per cent at Rs 4,355 per share on BSE. In comparison, the BSE Sensex was down 0.98 per cent at 74,573.88. The market capitalisation of the company stood at Rs 19,835.53 crore. The 52-week high of the stock was at Rs 6,452.85 per share and the 52-week low was at Rs 4,012.65 per share.

 

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Under the agreement, the company with Mylan Pharma will market and sell two brands Ativan and Pacitane. The contract is for five years within the territory of India.  

 

"We hereby inform that the Board of Directors of the Company at their Meeting held today, which commenced on February 20, 2025, and concluded on February 21, 2025, have approved a proposal today, to enter into a Marketing and Supply Agreement with Mylan Pharmaceuticals Private Limited (Mylan) for Marketing and Sale of two brands of the Company, viz., Ativan and Pacitane," the filing read. 

 

Mylan has a good presence in the Central Nervous System therapy area with skilled resources for engagement with super specialists namely neurologists and psychiatrists. This arrangement with Mylan will enhance the distribution and in-clinic presence of the products of the Company, as per the filing.

 

Pfizer is a global pharmaceutical company known for developing and manufacturing a wide range of medicines and vaccines. It is involved in research and development across various therapeutic areas, including oncology, cardiology, immunology, and vaccines.

 

One of the company's most notable products in recent years was the Covid-19 vaccine, developed in partnership with BioNTech. The Pfizer-BioNTech vaccine was one of the first vaccines authorized for emergency use to combat the COVID-19 pandemic.

 

In the past one year, Pfizer shares have lost 6.5 per cent against Sensex's rise of 3 per cent.