Lupin ends flat after a promising start on US drug buy
BS Reporter / Mumbai Sep 29, 2009, 16:11 IST
The stock ended flat at Rs 1,140. The counter witnessed trades of 66,152 shares as compared to the two-week daily average traded volumes of 48,654 shares.
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(Updated at 1001hrs)
Pharma major, Lupin has gained in early trades on acquiring cholestrol drugs for $39 million.
The stock opened at Rs 1,150 and touched a low of Rs 1,140. It surged to a high of Rs 1,185 - up 4.5% from the previous close. The stock is now up 2.8% at Rs 1,167. The stock has added 9% in the past week. Around 1,823 shares have been traded on the BSE so far.
The company has acquired the US rights for Oscient Pharma's cholestrol lowering drug, Antara. Bankrupt company, Oscient Pharma has been paid Rs 188 crore for the acquisition. The drug has had sales of Rs 337.5 crore in the US market last year.
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