Aurobindo Pharma unit signs sub-licensing agreement to develop and market bone marrow cancer drug

These are the first sublicense agreements that the Medicines Patent Pool has signed for a cancer treatment that will be made available in LMIC countries through this license. "The product will be a good addition to Aurobindo's Oncology portfolio and will further strengthen our leadership in the generic oncology medicine space," K Nithyananda Reddy, Vice Chairman and Managing Director of Aurobindo Pharma said.

Reddy further said that the company will aim to start supply of the product at the earliest and help reduce the risk of CML in certain patients.

Aurobindo Pharma's revenue in the growth markets rose more than 50 percent year-on-year in the March quarter to Rs 592 crore. The growth markets account for 9.1 percent of Aurobindo's consolidated revenue.

Among the 30 analysts that track Aurobindo Pharma, 23 of them have a buy recommendation, six say hold, while one analyst has a reduce rating.

Shares of Aurobindo Pharma are trading at the day's high, up nearly 2.5 percent at Rs 687.45. The stock has gained nearly 60 percent so far on a year-to-date basis and is trading close to its 52-week high of Rs 692. Shares are also the best performers on the Nifty Pharma index so far in 2023.