Claris Lifesciences hits record high on sale of injectables biz to Baxter
The stock surged 20% to Rs 430, also its record high on the BSE in opening deal.
 "Claris Lifesciences hits record high on sale of injectables biz to Baxter")
Claris Lifesciences has surged 20% to Rs 430, also its record high on the BSE in opening deals, after the company said it has entered into a definitive agreement with US-based Baxter International Inc. to sell its wholly owned subsidiary Claris Injectables for approximately $625 million (Rs 4,237 crore).
The injectables business comprises about 78% of Claris Lifescience's business for year ending March 31, 2016, the remaining coming from pass-through sales of Claris-Otsuka.
Commenting on the deal Handa said, "We have been focused on the injectables segment and have created a world class integrated business model from research to marketing and a platform with high entry barrier specialty products and technology, R&D capability and world-class manufacturing infrastructure with a quality team having best in class knowledge."
At 09:25 am; the stock was up 10% at Rs 396 on the BSE as compared to 0.07% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with around one million shares changed hands so far against an average 342,000 shares that were traded daily in past two weeks on the BSE.
The injectables business comprises about 78% of Claris Lifescience's business for year ending March 31, 2016, the remaining coming from pass-through sales of Claris-Otsuka.
Commenting on the deal Handa said, "We have been focused on the injectables segment and have created a world class integrated business model from research to marketing and a platform with high entry barrier specialty products and technology, R&D capability and world-class manufacturing infrastructure with a quality team having best in class knowledge."
At 09:25 am; the stock was up 10% at Rs 396 on the BSE as compared to 0.07% rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than three-fold with around one million shares changed hands so far against an average 342,000 shares that were traded daily in past two weeks on the BSE.