Cipla partners with Roche to increase sales of tocilizumab, bevacizumab
Pharma major Cipla announced its partnership with Roche Pharma India, following which the company’s share price surged by nearly 2 per cent in intraday trade on Wednesday. The partnership is expected to increase access of the company to major medicines.
According to the terms of the agreement, Cipla will be promoting and distributing tocilizumab (Actemra) and Syndyma, the second brand of Roche’s cancer therapy, bevacizumab (Avastin) in India. Further, the partnership will enable the two companies to improve healthcare and enhance access to innovative, life-changing medicines in India.
Cipla had posted a 4.37 per cent hike in its profit to Rs. 3,966.75 crore in the third quarter of the fiscal year 2018 as compared to the same quarter of the previous fiscal year. The stock had touched its 52-week high of Rs. 663 per share on November 7, 2017 and its 52-week low of Rs. 479 per share on May 26, 2017 on BSE, respectively.
On February 28, 2018, the stock hit an intraday high of Rs. 596.90 per share and an intraday low of Rs. 587.60 per share on BSE, respectively. The stock closed at Rs. 592 per share, higher by one per cent on BSE on Wednesday.