Pharmaceutical company, Lupin has sold certain patent applications and other related intellectual property for Perindopril (hypertension drug) for multiple countries to French firm Laboratories Servier for Rs 115.31 crore (Euro 20 million)."The income from this sale significantly boosts our performance for the previous quarter. It obviously goes a long way to demonstrate our Research and IP capabilities," Lupin managing director Kamal Sharma said.
The EU market for perindopril is worth around $400 million. Earlier in February, the company had entered into an agreement with Laboratoires Servier of France for the sale of certain patent applications and other related Intellectual Property for Perindopril for multiple countries.
Servier markets and sells branded forms of perindopril in several EU and other non-US countries. This deal would potentially give an upside to the earnings of the company, Lupin said in a filing to the Bombay Stock Exchange.
For the quarter ended December 31, Lupin posted 26.79 per cent increase in net profit at Rs 56.03 crore (Rs 560.3 million) as compared to Rs 44.19 crore (Rs 441.9 million) for the same quarter in 2005.
The total income (net of excise) of Lupin increased to Rs 511.20 crore (Rs 5.11 billion) for the December quarter from Rs 436.51 crore (Rs 4.36 billion) in the corresponding quarter in 2005.
The shares of the company were trading at Rs 635.50, up 3 per cent on the Bombay Stock Exchange.
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