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Lupin jumps 2% after Morgan Stanley maintains overweight, sees 32% upside

Lupin entered into a licensing agreement with Germany’s Boehringer Ingelheim to develop and commercialise a novel anti-cancer compound in a deal valued at $700 million.

September 05, 2019 / 11:12 AM IST
 
 
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Share price of India's third largest pharma company Lupin jumped over 2 percent intraday on September 5 after global research firm Morgan Stanley maintained overweight call on the stock with the target of Rs 1,003 per share.

Lupin entered into a licensing agreement with Germany’s Boehringer Ingelheim to develop and commercialise a novel anti-cancer compound in a deal valued at $700 million.

The partnership aims to develop Lupin’s lead MEK inhibitor compound in combination with one of Boehringer Ingelheim’s innovative KRAS inhibitors for patients with gastrointestinal and lung cancers harbouring a broad range of oncogenic KRAS mutations.

"Preclinical data has shown that the combination of Boehringer Ingelheim’s novel KRAS inhibitors with MEK inhibitors results in increased anti-tumor activity based on their complementary mechanisms of action in keeping KRAS-driven cancers in check," the company said in a statement.

At 1056 hrs, Lupin was quoting Rs 758.20, up Rs 16.70, or 2.25 percent. It touched an intraday high of Rs 761.00 and an intraday low of Rs 742.50.

Moneycontrol News
first published: Sep 5, 2019 11:12 am

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