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Aurobindo Pharma inches up after pact with Teva in France

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Pharma rose 0.24% to Rs 741.65 at 9:24 on after the company said its French subsidiary announced the signing of an agreement to acquire select commercial products in France from Teva.

The announcement was made after market hours on Friday, 25 November 2016.

Meanwhile, the S&P Sensex was down 60.06 points or 0.23% at 26,256.28.

On BSE, so far 9,326 shares were traded in the counter as against average daily volume of 2.12 lakh shares in the past one quarter. The stock hit a high of Rs 748.45 and a hit a low of Rs 739 so far during the day. The stock had hit a record high of Rs 895 on 6 October 2016. The stock had hit a 52-week low of Rs 582 on 25 February 2016. The stock had underperformed the market over the past one month till 25 November 2016, declining 10.23% compared with the Sensex's 6.32% fall. The scrip had also underperformed the market in past one quarter, sliding 6.25% as against the Sensex's 5.46% fall.

The large-cap company has equity capital of Rs 58.52 crore. Face value per share is Rs 1.

Pharma's French subsidiary Arrow Generiques SAS (Arrow Generiques) will acquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the OROCAL trademark. The transaction is subject to the approval of the European Commission. Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. Arrow Generiques and Teva intend to ensure continuity of the supply of the products to the market. This acquisition will enable Arrow Generiques to continue to increase its branded products portfolio and leverage its position as a key player in the drug market. Arrow Generiques is a pharmaceutical company with focus on selling generics on the retail and hospital markets in France since 2002.

On consolidated basis, Pharma's net profit rose 33.5% to Rs 605.64 crore on 12.1% growth in net sales to Rs 3713.58 crore in Q2 September 2016 over Q2 September 2015.

Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company's robust product portfolio is spread over 7 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterological, Anti-Allergies and Anti-Diabetes, supported by an outstanding R&D set-up. The company is marketing these products globally in over 150 countries

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 28 2016. 09:16 IST