According to reports from Business Standard and CNBC TV18, Shilpa Medicare announced that its wholly owned subsidiary, Shilpa Biologicals, has entered into a co-development and supply agreement with Orion Corporation for intravenous (IV) nivolumab biosimilar. The partnership brings together two companies to widen patient access across Europe by developing a high-quality, EU-GMP-manufactured nivolumab biosimilar. As per CNBC TV18, shares of Shilpa Medicare surged more than 5% on Tuesday, June 30, with the stock trading 4.82% up at ₹601.25 as of 10:44 am. However, according to Business Standard, the stock climbed 6.10% to hit a 52-week high of ₹608.80 on the BSE, demonstrating strong investor confidence in the partnership's potential. Latest market data shows the stock trading 6.28% higher at ₹609.65 per equity share as of 1:58 PM on June 30, 2026, with the company maintaining a total market capitalisation of ₹11,780.87 crore as of June 30, 2026, according to NSE data.
As reported by Business Standard and CNBC TV18, nivolumab helped usher in the era of immuno-oncology, transforming the outlook for patients across cancers such as melanoma and lung cancer. In 2025, nivolumab recorded sales of approximately USD 4.1 billion in Europe, citing IQVIA/IMS data, making it one of the world's most widely used immuno-oncology therapies. The partnership aims to put a high-quality, EU-GMP-manufactured nivolumab biosimilar within reach of more patients and help health systems stretch every euro of their oncology budgets further. The agreement comes following the loss of exclusivity of the originator nivolumab in Europe, creating an opportunity for affordable biosimilar alternatives. As per the latest regulatory filing, this underscores "the scale of the opportunity that high-quality biosimilars can unlock for patients and healthcare systems across the region."
According to Business Standard and CNBC TV18, under the agreement, Orion will hold the exclusive right to register, market, distribute and sell the nivolumab biosimilar across Europe, and will act as the Marketing Authorisation holder in the territory. Shilpa Biologicals will lead product development and serve as the exclusive long-term commercial manufacturer and supplier for the European market from its advanced biologics facility in Dharwad, India. The latest regulatory filing emphasizes that "the deal marks another chapter in a fast-growing relationship" and pairs Shilpa's end-to-end biologics development and manufacturing engine with Orion's deep European commercial reach, regulatory expertise and well-established distribution network. This collaboration focuses on the intravenous nivolumab biosimilar, one of the world's most widely used cancer immunotherapies belonging to the PD-1 immunotherapy class.
As reported by Business Standard and CNBC TV18, Shilpa Biologicals is entitled to receive from Orion certain development and regulatory milestone payments, in addition to supply revenue over the life of the partnership. The financial terms of the agreement were not disclosed. This revenue structure provides Shilpa Biologicals with multiple income streams from the collaboration, supporting the company's growth in the biosimilars market. The latest regulatory filing confirms that Shilpa will be entitled to receive certain development and regulatory milestone payments, in addition to supply revenue over the life of the partnership from Orion. The partnership builds on the companies' earlier collaboration to commercialise Shilpa's recombinant human albumin in Europe, with the deal following the partners' earlier collaboration to bring Shilpa's Recombinant Human Albumin to Europe.
According to CNBC TV18, Vishnukant Bhutada, Managing Director of Shilpa Medicare, stated that "Extending our partnership with Orion into immuno-oncology is a defining moment for Shilpa Biologicals. It reflects the trust our partners place in our quality, our science and our ability to deliver complex biologics at scale. It moves us closer to our mission of making advanced medicines affordable and accessible worldwide." Satu Ahomäki, Executive Vice President, Generics and Consumer Health at Orion Pharma, said the agreement strengthens the companies' existing strategic partnership and supports Orion's plans to expand its hospital business in Continental Europe while improving access to affordable medicines. The stock has gained over 91% on a year-to-date basis, with the scrip gaining more than 2% in the past week and 21% over the month, reflecting investor confidence in the partnership's potential. The latest regulatory filing notes that "this agreement is a step forward in our efforts to expand and strengthen our operations in hospital segment in Continental Europe, and an indication of the progress of the implementation of our division's strategy, which aims to create everybody an access to affordable quality medicines."
