Cipla inks pact with Russian company; will invest Rs.289 crore


Cipla has signed a Memorandum of Understanding with Russia’s National Immunobiological Company to collaborate on HIV and Hepatitis C drugs, entailing an investment of 2.8 billion roubles (around Rs 289 crore).

The companies have inked a pact on innovative antiviral medical products for HIV and Hepatitis C treatment and on technology transfer and active pharmaceutical ingredients (API) manufacturing, Cipla Ltd said in a statement.

“Today patients undergoing anti-HIV treatment have to take a lot of drugs every day. Our preparations will meet the expectations of Russian patients and will solve this problem,” Nacimbio CEO Nikolay Semenov said.

Cipla Ltd ended at Rs. 485.55, up by Rs. 0.45 or 0.09% from its previous closing of Rs. 485.1 on the BSE.

The scrip opened at Rs. 487 and touched a high and low of Rs. 490.25 and Rs. 483.7 respectively. A total of 695901(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 39017.27 crore.

The BSE group ‘A’ stock of face value Rs. 2 touched a 52 week high of Rs. 748 on 17-Aug-2015 and a 52 week low of Rs. 458.25 on 25-May-2016. Last one week high and low of the scrip stood at Rs. 492 and Rs. 465.2 respectively.

The promoters holding in the company stood at 36.78 % while Institutions and Non-Institutions held 34.17 % and 27.13 % respectively.

The stock traded below its 200 DMA.

Source: indiainfoline.com

 

Author: Augaritte

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