Cipla gains on partner`s contract win

Cipla gains on partner's contract win

Last Updated: Fri, Nov 30, 2012 06:36 hrs
Hamied, chairman and MD of Indian generic drugmaker Cipla, speaks on mobile phone in front of cabinets containing company's products before interview in Mumbai

Shares in drugmaker Cipla rise 1.4 percent after Cipla Medpro won a share in South Africa's $667 million contract, as it supplies the bulk of Cipla Medpro's drugs.

Dealers say the company may garner revenues of $30-40 million from Cipla Medpro's contract.

South Africa on Thursday awarded a $667 million contract to supply life-prolonging HIV medicine to 12 international and domestic firms, including Cipla Medpro, to deal with its biggest health problem.

Cipla also plans to offer $215 million for a majority stake in South Africa's Cipla Medpro to strengthen its presence in Africa's fast-growing market for cheap, generic versions of branded drugs.

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