In comparison, the benchmark indices, Nifty50 and S&P BSE Sensex were trading flat at 13,742 points and 46,999 points, respectively, at 10:02 am.
Among the individual stocks, Laurus Labs hit a new high of Rs 366, up 3 per cent. It has gained 12 per cent in the past four trading days. Meanwhile, in the last one month, the stock has outperformed the market with a 27-per cent rally after the company acquired 73 per cent stake in Richcore Lifesciences (Richcore) for a cash consideration of Rs 250 crore. The acquisition is a step towards building a vertically integrated biotech segment and adds a new lever to growth.
Motilal Oswal Financial Services, in company update, said that it remains positive on Laurus Lab on the back of superior execution in the Anti-retroviral (ARV) segment, strong chemistry skill set driving the Contract Development and Manufacturing Organization (CDMO) business and the addition of a new leg to the CDMO business, which vastly expands its total addressable market, the addition of new molecules in the other Active Pharmaceutical Ingredients (API) segment, and cost efficiency aiding profitability.
Shares of Glenmark Pharmaceuticals, on the other hand, were up 3 per cent at Rs 532 after the company received tentative USFDA approval for the generic version of Boehringer Ingelheims Praxada (Dabigatran Etexilate) capsules in the US. The anticoagulant drug, used to treat and prevent blood clots to prevent stroke, had annual sales of $551 million as per IQVIA MAT October 2020.
Shares of Lupin
also advanced 2 per cent at Rs 991 after the company received USFDA approval for the generic version of Daiichi Sankyo Welchol (Colesevelam Hydrochloride) tablets, 625 mg in the US. The drug, indicated for the reduction of low-density lipoprotein cholesterol (LDL-C), had annual US sales of US$159 million as per IQVIA MAT September 2020.
Cipla was up 2 per cent at Rs 810, gaining 7 per cent in the past six trading days following the company's gRevlimid settlement with innovator Bristol Meyers Squibb (Celgene).
Under the settlement agreement, Cipla will be able to sell gRevlimid in a volume-limited manner starting on a confidential date that is some time after March 2022. After the entry till January 31, 2026, Cipla's gRevlimid volumes cannot exceed the agreed-upon amount.
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