Glenmark gets a leg-up from Brazilian buy

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Glenmark gets a leg-up from Brazilian buy

DALAL STREET SPIKES

Our Markets Bureau / Mumbai March 18, 2005

The Glenmark Pharmaceuticals share gained after the company announced an acquisition in Brazil. The stock of pharma major was up 5.13 per cent to Rs 307 but slipped on profit booking to close at Rs 292.90. More than 4.45 lakh shares were traded at the counter on the BSE alone.

The company announced that Glenmark Farmaceutica Ltd [GFL], its wholly owned Brazilian subsidiary, has purchased a hormonal brand, Uno-Ciclo from Instituto Biochimlco Industria Farmaceutica Ltd for $4.6 million.

Market sources said, the acquisition announcement was the trigger for the stock to attract renewed investment at the counter.

The acquired brand generated sales of $3.1 million in Brazil in the 12 months prior to the acquisition, the company said. The stock has been in limelight of late and has rallied since the company announced a bonus issue.

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