Cadila Healthcare share rose over 1% today amid a sinking market after the firm and its subsidiary Zydus Pharmaceuticals inked a deal with Celgene Corporation (Celgene), a wholly owned subsidiary of Bristol Myers Squibb relating to patents for REVLIMID (lenalidomide).
Share of Cadila Healthcare rose up to 1.15% to Rs 436.05 against previous close of Rs 431.05 on BSE. The share stands higher than 200-day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
The pharma share has gained 54.73% in one year but lost 9.43% since the beginning of this year. The stock ended merely 0.96% lower at Rs 427 on a day when market crashed the most in nearly a month. Market cap of the firm stood at Rs 43,647 crore.
As part of the settlement, the parties will file consent judgments with the United States District Court for the District of New Jersey that enjoin Zydus Cadila from marketing generic lenalidomide before the expiration of the patents-in-suit, except as provided for in the settlement, the firm said.
Meanwhile, benchmark indices closed in the red today led by losses in banking, auto and consumer durables stocks. While Sensex slipped 871 points to 49,180, Nifty lost 265 points to 14,549.