IPCA Laboratories shares gained on Tuesday after the company announced the creation of a two-part alliance with Oncologics for the development, manufacture and commercialization of biosimilar monoclonal antibody products.

Under the first part of the agreement, Ipca will in-license and commercialize biosimilar products for the India and associated markets. These products will be developed by Oncologics to USFDA and EU regulatory standards for global commercialization.

"Initial manufacturing will occur in the USA by Oncobiologics and later by Ipca in India. The biologics covered by the agreement are among the most popular therapies in the world for immunology and oncology disease indications. The partnership is planning to launch the first products in 2017," the company said.

Shares of the company are trading at Rs 797, up Rs 8.75, or 1.11% at the Bombay Stock Exchange (BSE) on Tuesday at 9:55 a.m.

The scrip has touched an intra-day high of Rs 803.90 and low of Rs 791.20. The total volume of shares traded at the BSE is 6,670.

In the earlier session, the shares climbed 0.1%, or Rs 0.75, at Rs 788.25.

Currently, the stock is trading down 12.12% from its 52-week high of Rs 906.90 and above 35.08% over the 52-week low of Rs 590.