Shares of were trading marginally lower on Friday morning, even as the Mumbai-based pharmaceutical major announced an exclusive partnership with China’s Qilu Pharmaceutical to license and commercialise a biosimilar to Keytruda (pembrolizumab) in the United States.
At 10.29 am on the , Cipla was quoting at ₹1,388, down 0.48 per cent or ₹6.70 from its previous close of ₹1,394.70. The stock opened at ₹1,397.70, touched an intraday high of ₹1,399.10 and a low of ₹1,376.70. Total traded volume stood at 3.66 lakh shares, with a traded value of ₹50.80 crore. Buy orders accounted for 51.23 per cent of total quantity against 48.77 per cent on the sell side, indicating a broadly balanced market sentiment. The stock has underperformed over the near term, declining 5.03 per cent over the past month against the Nifty 50’s 2.68 per cent fall.
Morgan Stanley has an Underweight rating on Cipla with a target price of ₹1,218, implying meaningful downside from current levels. The brokerage acknowledged the deal’s strategic logic, strengthening Cipla’s oncology and biosimilars portfolio and supporting its long-term specialty growth ambitions, but flagged significant competitive risk, noting at least 13 pembrolizumab biosimilars are currently in development, pointing to a crowded market that could pressure pricing and market share.
Under the agreement announced on September 3, Invagen Pharmaceuticals, a wholly owned Cipla subsidiary, has entered into an exclusive licensing and supply deal for QL2107, Qilu’s biosimilar candidate to Keytruda. Qilu will handle development, regulatory filings and product supply, while Cipla USA Inc will drive US commercialisation through its existing commercial infrastructure.
Pembrolizumab is among the world’s best-selling cancer drugs, and a lower-cost biosimilar version could meaningfully improve patient access. However, with the field getting crowded, execution and regulatory timing will be key variables for Cipla. The stock’s 52-week range stands between ₹1,165.70 and ₹1,673.00, with the current price closer to the lower end.