Cipla, a leading drug maker, witnessed a rise in share price on Friday after Thursday announced that the company is divesting entire stake in Biomab Holding for USD 25.77 million.
The company said, 'Entered into a definitive agreement to sell entire 25% stake in Biomab Holding, Hong Kong (BHL) to Biomab Brilliant, British Virgin Islands which holds the remaining 75% stake in BHL'
'Going forward, the company's biological business will be consolidated under Cipla BioTec. Cipla BioTec will focus on research, development, manufacturing and marketing of Biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes,' it added.
Shares of Cipla are trading at Rs 696.10, up Rs 5, or 0.72% at the Bombay Stock Exchange (BSE) on Friday at 10:05 a.m.
Total volume of shares traded on the bourses today was lower by 90.94% to 195,005 compared with 22-day average volume of 2,151,461.