Venus Remedies shares surge 15.5% on tie up with Israel's Teva

Written by Press Trust of India | Mumbai | Updated: Aug 27 2014, 22:33pm hrs
Shares of Venus Remedies surged over 15.5 per cent today as the company entered into a collaborative agreement with Israel-based generic drug maker Teva for selling an anti-cancer drug in the Canadian market.

The pharma firm's scrip soared 14.77 per cent to settle at Rs 295.65 on the BSE. During the day, it surged 18.4 per cent to Rs 305.

At the NSE, the stock climbed 15.52 per cent to end the day at Rs 296.30.

On the volume front, 5.98 lakh shares of the company changed hands at the BSE, while over 23 lakh shares were traded at the NSE during the day.

Under this collaboration, Venus Remedies will be initially manufacturing the drug at the Venus Medicine Research Centre, its research unit, for assisting Teva in registrations.

Thereafter, Venus will also use its manufacturing capabilities to support Teva in enhancing the business from this drug in the Canadian market, a company statement said.