Cipla enters into an agreement with Lilly to expand access to COVID-19 treatment in India
Cipla Limited today announced it has signed a royalty-free, non-exclusive voluntary licensing agreement with Eli Lilly and Company, USA.
The agreement is for the manufacturing & commercialisation of the drug Baricitinib for the treatment of COVID-19. Baricitinib is used in combination with Remdesivir for the treatment of COVID-19 patients requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO).
Reacting to this, the company’s stock today increased by 1.48 per cent and made an intraday high of Rs 896 per share. The stock of the company has increased by 57 per cent from its decline in May 2020.
Cipla is a global pharmaceutical company with a presence in India, South Africa, North America along with key regulated and emerging markets. It majorly deals in respiratory, anti-retroviral, urology, cardiology, anti-infective, and CNS segments. The company produces 50+ dosage forms and 1,500+ products using 46 manufacturing sites located around the world.
According to BSE data, the stock traded at a P/E multiple of 26.78 and a price-to-book ratio of 3.78. The stock has a 52-week high and a 52-week low of Rs 966 and Rs 565.90, respectively.
At 11.02 am, the stock of the company was trading at Rs 892.50, up by 1.08 per cent on BSE.