Cipla shares surge after key generic launch

Shares of drug-maker Cipla on Tuesday rose as much as 8.7 per cent to a record high of Rs 575 after the company launched an anti-asthma inhaler in Germany and Sweden.

The inhaler is a generic version of GlaxoSmithKline Plc's Advair.

Emkay Global upgraded the stock to "buy" from "accumulate" with a target of Rs 671.

Overall addressable opportunity of generic Advair is $800 million in Europe, Emkay said.

Cipla shares were trading up 6.6 per cent to Rs 564.65 on the Bombay Stock Exchange (BSE) as of 11:10 am.

(Reuters)