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Cipla share rises 5% after settlement with Celgene Corp

Cipla share rises 5% after settlement with Celgene Corp

Cipla share price opened with a gain of 2.13% today at Rs 772 and later touched an intraday high of Rs 792.8.

Cipla share price has risen 1.48% in the last week and 5% in one month Cipla share price has risen 1.48% in the last week and 5% in one month

Cipla share price rose 5% on Monday's session after the company reached the settlement of its litigation with Celgene Corporation.

Cipla share price opened with a gain of 2.13% today at Rs 772 and later touched an intraday high of Rs 792.8, rising 4.88% against the last close of Rs 755.90. Cipla share is trading higher than 5, 20, 50, 100 and 200-day moving averages.

As per the filing, Celgene has agreed to provide Cipla with a license to Celgene's patents required to manufacture and sell certain volume-limited amounts of generic lenalidomide in the United States beginning on a confidential date that is some time after March 2022.

In addition to the settlement of all outstanding claims in the litigation, Celgene has agreed to provide Cipla with a licence to Celgene's patents required to manufacture and sell an unlimited quantity of generic lenalidomide in the United States beginning no earlier than January 31, 2026.

Arunesh Verma, CEO, Cipla North America said," This is an important step forward for us and is in line with our pursuit of improving access to high-quality life-saving treatments."

Cipla share price has risen 1.48% in the last week and 5% in one month. The stock of the pharma major has risen 63% since the beginning of the year and over 69% in one year.

The stock of the pharma company touched a 52-week high of Rs 829 and a 52-week low of Rs 356.75. Market capitalisation of the lender stood at Rs 63,467.31 crore today.