Cipla up 3% on collaboration with Teva for South Africa

Shares of  Cipla  gained as much as 3.3 percent on Thursday after its subsidiary Medpro Pharmaceutica entered into collaboration with Teva Pharmaceuticals for South African market. Medpro Pharmaceutica is a subsidiary company of Cipla Medpro, the third largest pharmaceutical company in South Africa. Cipla, in 2013, bought out Cipla Medpro completely for Rs 2,707 crore. Teva is the largest generic pharmaceutical manufacturer in the world. The collaboration is a sales and distribution arrangement whereby Cipla Medpro will exclusively market Teva's broad pharmaceutical product portfolio in South Africa, says the company in its filing, adding the collaboration will focus on oncology, central nervous system, women's health, cardiovascular, ophthalmology and other specialty products. The collaboration is subject to approval by the Competition Commission of South Africa.   At 10:43 hours IST, the stock was quoting at Rs 598.05, up Rs 12.75, or 2.18 percent on the BSE.