The announcement by Aurobindo Pharma to enter in to a strategic deal with US-based pharmaceutical major Pfizer helped its shares price on the Bombay Stock Exchange on Wednesday. The deal would allow selling of generic medicines, used for cardiovascular disease and central nervous system disorders, in the US and European market.

The global generic market is currently worth $270 billion and expected to grow over $500 billion in the next five years. Pfizer holds considerable shares in drug market, selling $10 billion non-exclusive drug annually.

Those drugs with market exclusivity and patents expired, would be sold by Established Products Business Units (EPBU), a subsidiary of US-based Pfizer. Pfizer has already attained selling rights of 39 generic solid oral dose products in the US and 20 in Europe and 11 products in France.

Shares of drug maker Aurobindo Pharma opened at Rs 161.90 on BSE and touched an intraday high of Rs 164.90. Its stocks at the National Stock Exchange opened at Rs
159.80 with movement of around 6.07 lakh shares and closed 2.5% higher at Rs 160.4.