Shares of this pharmaceutical company jumped up to 2 percent on Wednesday’s trading session after one of its subsidiaries got proprietary rights for the rare pediatric drugs.
With a market capitalisation of Rs. 64,493 crores, the shares of Zydus Lifesciences Ltd started Wednesday’s trading session positively at Rs. 637.65 compared to its previous close at Rs. 634.05. The share hit a high of Rs. 644, gaining around 2 percent, and currently trading at Rs. 635 apiece.
Sentynl Therapeutics, a U.S.-based biopharmaceutical company wholly owned by Zydus Lifesciences, Ltd., announced that they have executed an assignment and assumption agreement with Cyprium Therapeutics, a Fortress Biotech subsidiary company.
Under the agreement, Cyprium completed the transfer of its worldwide proprietary rights and U.S. FDA documents of CUTX-101, the copper histidinate product which is used in the treatment of Menkes disease, from Cyprium Therapeutics. And now Sentynl Therapeutics assumed full responsibility for the development and commercialisation of CUTX-101.
Coming onto the financial statements published by the company, the revenue decreased by 15 percent from Rs. 5,140 crores in the June quarter to Rs. 4,369 crores in the September quarter. In addition, the net profits declined by around 30 percent from Rs. 1,134 to Rs. 803 crores during the same timeframe.
Previously the company Partnered with Mylabs to expand its business in testing and point-of-care devices for molecular diagnostics. Furthermore, the company is expecting 100 million dollars in revenue in the rare disease portfolio over the next 3 years. The company plans to add 2 to 3 more products to its speciality portfolio and acquire late-stage or ready-to-commercialize products.
Headquartered in Gujrat, Zydus Lifesciences Ltd was incorporated in 1995. The company is the flagship company of Zydus Cadila Group. Their operations include in pharmaceuticals, diagnostics, herbal products, skin care products and other OTC products.
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
