Cadila Healthcare shares advanced as much as 6 per cent on Tuesday after it informed bourses that Zydus Cadila announced partnership with Japan’s Takeda Pharmaceutical Company to develop vaccine for Chikungunya. At 2.06 pm, shares of the company were 1.83 per cent up at Rs 394.20. The scrip opened the day at Rs 388.05 and has touched a high and low of Rs 410.90 and Rs 372.30, respectively, in trade so far.
“The broad-based agreement includes early stage development to the final commercialisation of the vaccine. There is currently no vaccine to prevent or medicine to treat Chikungunya virus infection,” Zydus Cadila’s group firm Cadila Healthcare said in a BSE filing. Later, the scrip closed 1.54 per cent down at Rs 393.05. Sensex settled 111.30 points down at 28,523.
According to the release, Chikungunya has been identified in over 60 countries in Asia, Africa, Europe and the Americas. After a bite of an infected mosquito, onset of illness occurs usually between 4 and 8 days but can range from 2 to 12 days. There is currently no vaccine to prevent or treat chikungunya virus infection.
Cadila Healthcare further added that terms of the agreement are not disclosed, but it is expected that this partnership will boost access to medicines in the future through this partnership.
For the quarter ended June 30, 2016, Cadila Healthcare reported 22.60 per cent fall in net profit at Rs 356.20 crore against Rs 460.22 crore in the same quarter last year. Net sales of the company declined by 2.24 per cent year-on-year to Rs 2216.40 crore for the quarter under review.