Cipla subsidiary partners with Alvotech, stock declines 1.95%

Cipla’s wholly-owned subsidiary, Cipla Gulf FZ LLC, and Alvotech have entered into an exclusive partnership. The shares of Cipla were however trading lower post the news.

The companies have come together for the commercialisation of AVT02, an adalimumab biosimilar, in select emerging markets. Under the partnership, Alvotech will be responsible for the development and supply of the product, while Cipla Gulf will be responsible for registration and commercialisation of the product. Alvotech’s AVT02 is in phase-3 clinical development ahead of filing with the European Medicines Agency (EMA) and United States Food and Drug Administration (USFDA) by early 2020.

Cipla is a global pharmaceutical company which uses technology and innovation to meet the everyday needs of patients. The company’s portfolio includes over 1500 products across wide range of therapeutic categories with one quality standard globally.

The company's stock opened at Rs. 533.90 on Monday as against Friday’s close of Rs. 532.45 and closed at Rs 522.05, a decline of 1.95 per cent, on the BSE. The stock hit intra-day high and low of Rs. 534.55 and Rs. 520.45, respectively. Its 52-week high was Rs. 678 and 52-week low was Rs. 483.75 on the BSE.