 "Lupin inks deal with Merck Serono; stock tanks 6%")
Lupin has dipped nearly 5% to Rs 1,350 falling 6.4% from its intra-day high on NSE, after the pharmaceutical company announced that it has entered into a long term strategic partnership with Merck Serono, the Biopharmaceutical division of Merck.
The stock opened at Rs 1,427 and touched a record high of Rs 1,442 on NSE. The stock has seen a strong run-up ahead of announcement, rallied 9.3% from Rs 1,319 in past three trading sessions. A combined around 1.08 million shares changed hands on the counter so far on NSE and BSE.
“Lupin will support Merck Serono in the implementation of the company’s General Medicines portfolio expansion initiative in emerging markets thus addressing local needs for affordable, high quality medicines, “ Lupin said in a statement.
The agreement builds on an established working relationship between the two companies, and could add up to 20 new products to the current portfolio. The first launches are expected in 2016, it added.
The stock opened at Rs 1,427 and touched a record high of Rs 1,442 on NSE. The stock has seen a strong run-up ahead of announcement, rallied 9.3% from Rs 1,319 in past three trading sessions. A combined around 1.08 million shares changed hands on the counter so far on NSE and BSE.
“Lupin will support Merck Serono in the implementation of the company’s General Medicines portfolio expansion initiative in emerging markets thus addressing local needs for affordable, high quality medicines, “ Lupin said in a statement.
The agreement builds on an established working relationship between the two companies, and could add up to 20 new products to the current portfolio. The first launches are expected in 2016, it added.