Strides Shasun shares surged as much as 10 per cent intraday on Tuesday after it announced that the company’s wholly owned subsidiary Strides Pharma Inc. has entered into an agreement with Moberg Pharma, Sweden and its affiliates to acquire Jointflex, Fergon, and Vanquish brands for a consideration of $10 million plus inventory value at closing.
The share price of Strides Shasun settled 2.56 per cent up at Rs 1060.05. Sensex closed 12.75 points up at 24,659.23.
In a BSE filing, Strides Shasun said, “Recent acquisitions has enabled Strides Shasun build an emerging OTC franchise both in its regulated and emerging markets. The announced acquisition strengthens Strides Shasun’s strategy to build a global OTC franchise. The transaction is expected to close within next four weeks.”
In the past one year, the share price of Strides Shasun gained 9.48 per cent to Rs 1033.55 till March 4, whereas the BSE Sensex plunged 16.11 per cent during the same period.
For the quarter ended December 2015, the company posted a consolidated net profit of Rs 58.81 crore, up 208.83 per cent, against Rs 19.04 crore in the corresponding quarter a year ago.
Strides Shasun (formerly known as Strides Arcolab) is engaged in manufacturing, sale and export of pharmaceutical products. It offers general tablets, hard gelatin and soft gelatin capsules, sachets, potent drugs and and semi-solids.