Cipla’s scrip touched a high of Rs 924.15 as against the previous close of Rs 914.15 on the National Stock Exchange.
The funding tussle with Pulmatrix Inc was regarding the development of Pulmazole, an asthma medication that is currently under development.
According to reports, in 2019, Cipla and Pulmatrix had entered into an agreement to jointly develop a formulation for treatment of allergic bronchopulmonary aspergillosis for asthma patients.
A definitive agreement for the joint development and commercialization of Pulmazole was signed between Cipla technologies (a subsidiary of Cipla) and Pulmatrix Inc.
Reports quoted Pulmatrix Inc as saying on Tuesday that it has completed an amendment to the earlier agreement for the development and commercialisation of Pulmazole.
“The completion of the amendment resolves Pulmatrix’s previously disclosed dispute with Cipla regarding the continued funding of the development costs for Pulmazole,” Pulmatrix was quoted as saying.
Pursuant to the second amendment, Cipla will continue to reimburse Pulmatrix for 50 per cent of all third-party costs for the development of Pulmazole, the US-based firm said.
After timely achievement of a few development milestones, Cipla will reimburse a further 10 per cent of Pulmatrix’s direct costs, the firm was quoted as saying.
