Cipla gains on JV to expand presence in Africa

The company has signed a joint venture agreement with Morocco-based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma)

Shares of Cipla gained were up 1.2% at Rs 637 after it entered into a joint venture agreement with Morocco-based Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI) to enhance its position in the African country.

Cipla (EU) Ltd, UK, a wholly-owned subsidiary of Mumbai-based drug firm, has inked the JV agreement with the Moroccan entities.

The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco, Cipla said in a statement.

The stock opened at Rs 631 and touched a high of Rs 641. At 11:55Am, over 630,000 shares were traded on both the stock exchanged.