The stock extended gains and touched a high of Rs 1,239. It finally ended with a gain of 3.5% at Rs 1,212. Over 77,090 shares changed hands at the counter today.
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(Updated at 1040 hrs)
Lupin has surged 4% this morning on the back of the company's plans of out-licensing drug to US-based Stalix Pharmaceuticals. .
The stock opened at Rs 1,175 and soared to a high of Rs 1,230. The scrip is now trading at Rs 1,213, up around 4% from the previous close. The counter has seen trades of 20,717 shares on the BSE so far and has soared 24% in a month's time.
This is the first such deal done by an Indian company.
The two companies would collaborate in the development and commercialisation of an extended release product, incorporating Rifaximin, a gastro-intestinal drug, and would utilise Lupin’s bio-adhesive technology.