Cipla shares gained 6% on BSE and traded as the top gainer after the pharma major said it has successfully completed the Phase-3 clinical study for a generic version of GSK's Advair Disku.
Following the update, share price of Cipla opened with a gain of 2.77% and touched an intraday high of Rs 441, rising 6.76% on BSE. The stock has risen 7.75% in one week and 3.3% in one month.
Cipla shares were trading higher than 5, 20 and 50-day moving averages but lower than 100 and 200-day moving averages
According to IQVIA (IMS Health), Advair Diskus and its generic equivalents had US sales of approximately US$2.9bn for the 12-month period ending February 2020, the filing added.
Expressing his views over the update, Limited) said, "I am very satisfied with the effective culmination of the Phase-3 clinical investigation of conventional Advair Diskus. Considering the intricacy of clinical endpoint concentrate in the Fluticasone plus Salmeterol blend, it is delighting to see that our investigation was fruitful in the principal endeavour. This is a significant achievement and is a demonstration of Cipla's solid respiratory abilities and will go far in reinforcing our respiratory establishment in the US."