Cipla signs perpetual licensing agreement with Novartis Pharma AG for Galvus® range for diabetes therapy in India

Cipla Limited has signed a perpetual license agreement with Novartis Pharma AG (Switzerland) on 10th April 2023 to manufacture and market Galvus® and Galvus® combination brands, used in the treatment of type 2 diabetes from 1st January 2026. The agreement is subject to satisfaction of certain conditions precedent. During the interim period we would continue to market and distribute Galvus® branded products.

Galvus® is one of the leading brands in the Dipeptidyl Peptidase-4 (DPP4) space and amongst the prominent brands in the oral diabetic medication category. Galvus® has the potential to contribute significantly to Cipla's portfolio in the diabetes care continuum space with reported sales of INR 268 Cr (IQVIA MAT February 2023).

This deal is expected to further bolster Cipla's position in India as one of the top players in the diabetes category.

Shares of Cipla Limited was last trading in BSE at Rs. 892.70 as compared to the previous close of Rs. 895.65. The total number of shares traded during the day was 22247 in over 1309 trades.

The stock hit an intraday high of Rs. 900.00 and intraday low of 889.20. The net turnover during the day was Rs. 19888989.00.

Source : Equity Bulls

Keywords

Cipla INE059A01026 LicenseAgreement NovartisPharma Galvus Type2Diabetes