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Cipla share price gains on distribution agreement of anti-psychotic drug

Share price of Cipla rose 1.34% to Rs 450.85 compared to the previous close of Rs 444.85 on BSE

twitter-logo BusinessToday.In        Last Updated: February 11, 2020  | 14:29 IST
Cipla share price gains on distribution agreement of anti-psychotic drug
Cipla stock has risen 2.44% in last three days

Cipla share price rose in trade today after its subsidiary in South Africa Cipla Medpro inked an agreement securing originator and authorised generic brands of an anti-psychotic drug Quetiapine. Share price of Cipla rose 1.34% to Rs 450.85 compared to the previous close of Rs 444.85 on BSE. The large cap stock has risen 2.44% in last three days. However, the stock has fallen 17.18% during the last one year and lost 6% since the beginning of the year.

1.17 lakh Cipla shares changed hands amounting to turnover of Rs 5.23 crore on BSE.

The agreement involves AstraZeneca Pharmaceuticals, the originator of the medicine, and Luye Pharma Hong Kong Limited, which acquired the assets and rights to the medicine in select territories. The transaction allows Cipla Medpro to market and distribute the medicine in South Africa and neighbouring countries.

The pharma firm managed to post a 5.31 per cent rise in its consolidated net profit to Rs 339.38 crore in Q3. It posted a net profit of Rs 322.24 crore for the corresponding period of the previous financial year. Consolidated total revenue from operations also rose to Rs 4,371 crore in the October-December 2019 period, compared with Rs 4,007.54 crore in the corresponding period a year ago.

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