Shares of drug major Lupin today gained 2.5 per cent after the company announced acquisition of Russia's Biocom
Shares of drug major Lupin on Friday ended nearly 2 per cent higher after the company announced acquisition of Biocom, marking its foray into the Russian pharma market, expected to be among the top eight in the world by 2018.
After rising 2.52 per cent to Rs 1,917 in intra-day trade, shares of Lupin finally ended at Rs 1,900.45, up 1.64 per cent on the BSE.
On NSE, it gained 1.64 per cent to Rs 1,900.95 at close of trade.
The company has taken 100 per cent stake in ZAO Biocom in Russia, subject to certain closing conditions, Lupin had said in a statement on Thursday without disclosing the financial details.
Set up in 1991, Biocom is a generic pharma company with focus on therapies such as cardiovascular, central nervous system and antimicrobials and also does contract manufacturing and secondary packaging.
Meanwhile, in the broader market the BSE barometer Sensex ended at 28,092.79, up 146.99 points.