Mumbai: Shares of pharmaceuticals firm Cipla today rose by nearly 4 percent after it announced an agreement with Serum Institute of India for distribution of paediatric vaccines in Europe.
Cipla's stock surged 3.23 percent to settle at Rs 618.60 on the BSE. In intra-day, it climbed 4.13 percent to Rs 624.
At the NSE, it rose by 3.89 percent to end the day at Rs 622.50.
The company's market value also moved up by Rs 1,553.72 crore to Rs 49,668.72 crore.
As per the agreement, Serum Institute of India (SII) will develop and manufacture paediatric vaccines and Cipla will seek European Medicines Agency approval and market the products in Europe, the company said in a statement.
"This collaboration with SII enables Cipla to enter into the vaccines segment," it said.
Commenting on the agreement, Cipla Ltd MD and Global CEO Subhanu Saxena said the Europe-specific partnership with SII is aligned with its commitment to access to affordable paediatric healthcare.
