Cipla, a global pharmaceutical company, witnessed a rise in share prices on Friday after the company has signed an agreement with Salix Pharmaceuticals, a US-based speciality pharmaceutical company. Under the agreement, Cipla has granted Salix exclusive rights under certain patent applications in the 'Rifaximin Complexes' patent family controlled by Cipla.

The grant is on a worldwide basis, excluding the countries of Asia (other than Japan) and Africa. Salix  is  required  to make  an  up-front  payment  and,  upon  achievement,  additional  regulatory milestone payments  to Cipla  in  respect of  the new  license  agreement  regarding  the  'Rifaximin Complexes' patent  rights.   Salix also will pay a  royalty on net sales of products covered by  the 'Rifaximin Complexes' patents licensed to Salix, the company said.

Shares of the company are trading at Rs 629.25, up Rs 9, or 1.45% at the Bombay Stock Exchange (BSE) on Friday at 10:20 a.m. The scrip has touched an intra-day high of Rs 632.00 and low of Rs 622.00. The total volume of shares traded at the BSE is 67,789.