IPCA Laboratories Ltd shares gained on Wednesday, March 27, after the company announced entering into a technology transfer agreement with Omexa Formulary Pvt Ltd.
In a filing to the stock exchanges, IPCA Labs said that it has entered into a technology transfer agreement with Omex for a biosimilar clone, process development and knowledge transfer aimed at catering to the global market.
After the announcement, shares of IPCA Labs gained as much as 1.6% to a high of ₹1,220.35 apiece on the BSE extending their winning streak for the fifth day in a row . The stock, however, pared the gains to close at ₹1,187.6 apiece, down 1.1%.
As per the agreement, IPCA Labs will grant Omexa a non-exclusive right to research, develop, manufacture and market an anti-cancer biosimilar for the global market. This partnership will enable Omexa to advance this anti-cancer biosimilar from the early stages of development through clinical trials to its eventual commercial launch.
Additionally, this collaboration will enhance Omexa’s capacity for biosimilar development.
Pranay Godha, the MD and CEO OF IPCA Laboratories, said, “This collaboration with Omexa Formulary, an innovation driven and fast-growing biotech company, shall facilitate Omexa to build a solid foundation for potential anti-cancer and anti-inflammatory monoclonal antibody product development. This collaboration with Omexa in turn shall also help IPCA in the development and delivery of affordable and quality biologic medication for the treatment of chronic illnesses in the global market — a presently unmet and crucial clinical need.”
Pharmaceutical company IPCA Labs specialises in manufacturing finished dosage forms and active pharmaceutical ingredients (APIs). The company distributes its branded formulations in India and various global markets, while its generic formulations are marketed in the United States, Europe, the United Kingdom, Canada, Australia, and New Zealand.
(Edited by : Asmita Pant)
