Shares of Lupin added nearly 2 percent intraday Thursday as company partnered with Mylan to commercialise Enbrel biosimilar.
Through the partnership agreement, Mylan will commercialize Lupin's proposed etanercept biosimilar in Europe, Australia, New Zealand, Latin America, Africa and most markets throughout Asia, company said in release.
Enbrel is a TNF-inhibitoriindicated to treat certain autoimmune diseases, including rheumatoid arthritis, psoriatic arthritis, plaque psoriasis and ankylosing spondylitis, it added.
As per IQVIA data, Enbrel had global brand sales of approximately USD 11.6 billion for the 12 months ending December 31, 2017.
related news Indian Bank falls over 3.5% after it cancels dividend of Rs 6/share Add Colgate, target Rs 1,300; expect higher ad investment on flagship brand: Kotak Securities Market Update: Over 300 stocks hit new 52-week low on NSE; HDFC Bank, Infosys gain 1-2%Vinita Gupta, CEO, Lupin said, "We are extremely pleased to announce this partnership as both Lupin and Mylan share a commitment to bring affordable and high quality medicines to market, especially in areas of unmet need."
The company has successfully completed its Etanercept biosimilar Phase 3 clinical trial in February 2018. It has filed the product with the European Medicines Agency and plans to file the product in other jurisdictions.
Under the terms of the agreement, Lupin will receive an up-front payment of USD 15 million and potential commercial milestones together with an equal share in net profits of the product.
At 10:19 hrs Lupin was quoting at Rs 899, up Rs 6.70, or 0.75 percent on the BSE.
Posted by Rakesh Patil First Published on Jun 28, 2018 10:27 am
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