It is indicated for the treatment of relapsing forms of multiple sclerosis (MS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults, the company said.
Meanwhile, Cipla's shares hit a record high of Rs 819 on September 18, 2020, after Perrigo announced that it would recall its gProAir (Albuterol) MDI inhaler from the US market due to a potential defect in the inhalers. Perrigo’s gProAir sales were $73 million in 2QCY20.
had acquired approval for its gProventil (Albuterol) product in April 2020. As per our initial estimates, we had expected Cipla
to record USD50–60m annual sales for gProventil. With the disruption to Perrigo’s sales, we estimate an additional $15–20 million in Albuterol sales for Cipla in the US,” Motilal Oswal Securities said in a report. The brokerage firm has a target price of Rs 790 on the stock.
At 12:54 pm, Cipla was trading 4.5 per cent higher at Rs 766 on the BSE, as compared to a 1.82 per cent rise in the S&P BSE Sensex.