Shares of pharma major Alembic Pharmaceuticals gained 3% intraday on Tuesday after its associate company, Rhizen Pharmaceuticals, entered into an exclusive licence agreement with Curon Biopharmaceutical.
"Associate Company, Rhizen Pharmaceuticals, announced that it has entered into an exclusive licence agreement with Curon Biopharmaceutical Limited for development and commercialization of Tenalisib, a Dual Pl3K Delta and Gamma Inhibitor for Oncology, in Greater China," the pharma major said in a BSE filing.
Meanwhile, ICICI Securities has given a y rating to Alembic Pharmaceuticals with a target price of Rs 1015.
Alembic Pharmaceuticals share price touched an intraday high of Rs 968.1, rising 3.03% as against the last close of Rs 939.65 on BSE. The stock opened at Rs 947.95 and also touched an intraday low of Rs 942. Alembic Pharmaceuticals stock has gained after 4 days of consecutive fall. Stock price of Alembic Pharmaceuticals has risen 5% in last one month and 67% since the beginning of the year.
Market cap of the firm stood at Rs 19,695 crore as of today's closing session. Alembic Pharmaceuticals share trades higher than 20, 100 and 200-day moving averages but lower than 5 and 50-day moving averages.
Alembic Pharma said in its regulatory filing that under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of $149.5 million-plus double-digit royalties on annual net sales of Tenalisib.
Alembic Pharmaceuticals through its wholly owned subsidiary holds 50 percent ownership in Rhizen.