Orchid Pharma gains after arm secures long-term funds worth $800 million

UK-based arm Orchid Europe Limited, UK has secured long-term funding worth US $800 million

Shares of Orchid Pharma were up 3% at Rs 63.55 on the Bombay Stock Exchange after the company said that it UK-based subsidiary has secured long-term funds.

"Orchid Europe Limited, UK a wholly-owned subsidiary of Orchid Pharma Limited, India, has entered into a long term financial arrangement to avail up to US$ 800 million with Line Trust International, Guernsey, UK," the company said in a release.

This funding will help the Company explore new growth opportunities while enabling the current business achieve incremental value, the release added.

The stock opened at Rs 63 and touched a high Rs 66.40. At 11am, over 4.7 million shares were traded on both the stock exchanges.