Cipla Limited updates on US arm's agreement with Pulmatrix, Inc. USA

On April 15, 2019 Cipla Limited reported its US subsidiary Cipla Technologies LLC (CipTec) entering into a definitive agreement (Agreement) with Pulmatrix, Inc., USA (Pulmatrix) for the co-development and commercialization of Pulmazole (PUR 1900) an inhaled iSPERSE™ formulation of the antifungal drug Itraconazole; for the treatment of allergic bronchopulmonary aspergillosis (ABPA) for patients with asthma.

Discussions to renegotiate the terms of the Agreement are now in progress. Due to the delays in patient enrolment for the Phase 2a clinical study managed by Pulmatrix, the Joint Steering Committee has terminated the Phase 2a clinical study in order to commence a new Phase 2b study with longer dose duration and efficacy endpoints, upon Agreement negotiations with Pulmatrix being successful. It's Cipla's position that under the terms of the Agreement it has the right to suspend additional funding under certain circumstances. The renegotiated agreement may include, amongst other things a reallocation of costs and a grant of rights to CipTec (and/or its affiliates) to develop and commercialize Pulmazole in select markets outside the United States. Updates on this amendment to the Agreement and other related developments will be provided in the future.

Shares of CIPLA LTD. was last trading in BSE at Rs.638.15 as compared to the previous close of Rs. 638.65. The total number of shares traded during the day was 97002 in over 2051 trades.

The stock hit an intraday high of Rs. 645.9 and intraday low of 636.75. The net turnover during the day was Rs. 62175194.

Source : Equity Bulls

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