Buy Cadila Healthcare, target of Rs 339: Emkay Global
Emkay Global Financial Services has maintained its buy rating on Cadila Healthcare with a target price of Rs 339 in its March 31, 2009 research report. “Cadila Healthcare entered into an agreement with the US-based pharma major Eli Lilly for the discovery and development of drugs in the area of cardiovascular research. Under the agreement, Lilly would have an option to license any resulting molecules at different stages.
Cadila Healthcare would receive potential milestone payment of up to USD 300 million and royalties on sales upon the successful launch of any compounds. The exact impact on earnings will not be ascertained because of lack of information. However, we view this development as positive for the company as it demonstrates the R&D capabilities of Cadila Healthcare. We reiterate our Buy rating on the stock with a target price of Rs 339,” says Emkay Global Financial Services’ research report.
Tags: buy, buy rating, Cadila Healthcare, Emkay Global
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