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Cipla share price gains 2% on deal with German firm for anti-diabetic drug

Cipla share price rose up to 2.1% to Rs 648 against earlier close of Rs 634.70 on BSE

twitter-logoBusinessToday.In | June 29, 2020 | Updated 20:29 IST
Cipla share price gains 2% on deal with German firm for anti-diabetic drug
Cipla share has gained 17% in one year and risen 35% since the beginning of this year.

Share price of Cipla gained 2 percent intraday today after the pharma firm said it would co-market three oral anti-diabetic drugs in partnership with a German firm. Cipla share price rose up to 2.1% to Rs 648 against earlier close of Rs 634.70 on BSE.

Total 2.27 lakh shares changed hands amounting to turnover of Rs 14.63 crore on BSE. Cipla share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Cipla share has gained 17% in one year and risen 35% since the beginning of this year.

The stock ended 1.63% higher at Rs 645 on BSE. Cipla and Boehringer Ingelheim India announced their partnership in India to co-market three new oral anti-diabetics drugs Oboravo (Empagliflozin), Oboravo Met (Empagliflozin+Metformin) and Tiptengio (Empagliflozin+Linagliptin).

"Diabetes continues to be a focus area for Cipla and with a strategic partnership with Boehringer Ingelheim coupled with our strong brand building, patient access and reach capabilities, we will be at the forefront of providing holistic diabetes care," Nikhil Chopra, Executive Vice President & CEO - India Business at Cipla said.

Empagliflozin is approved for glucose-control in patients with type-2 diabetes; it is also approved for reducing the risk of cardiovascular death, in patients with type-2 diabetes and established cardiovascular disease.

The Empagliflozin plus Metformin combination Oboravo Met can be given to newly-diagnosed patients of type-2 diabetes who have higher baseline HbA1c levels, while the Empagliflozin plus Linagliptin combination Tiptengio is the world's first approved combination of an SGLT-2 inhibitor and DPP4 inhibitor, said Cipla in its BSE filing.

Meanwhile, Sensex ended 209 points lower at 34,961 and Nifty closed 70 points lower at 10,312. Sector-wise, barring FMCG, all the other indices closed in red territory, with realty and PSU Bank indices dropping almost 3.5% each.

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