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Shares of Cipla are trading higher by 2% to Rs 675 on the BSE on reports stating that the pharmaceutical major, Cipla and Pune-based unlisted Serum Institute will plan a marketing tie up under which Cipla will sell Serum's products in selected markets abroad.
Cipla will market Serum's products in Europe and Africa.
Serum is one of the world's biggest producer of vaccines and is unlisted. In the last few years, Cipla has strengthened its distribution in Africa by buying a company in South Africa and is planning to raise overseas contribution to its revenues to 80%.
The stock opened at Rs 681, touched a high of Rs 682 on the BSE. A total of 72,417 shares changed hands on the BSE so far.
