 "SeQuent Scientific up 10% on acquisition plans")
SeQuent Scientific got locked in upper circuit of 10% at Rs 862 on the BSE after the pharmaceutical company announced that it is acquiring a controlling stake in Indo Phyto Chemicals (IPC), a New Delhi based pharma company, focused on female healthcare.
Under the terms of the agreement, SeQuent is acquiring 51% of IPC and the remaining 49% will be continue to be held by the promoters of IPC, who will also join the SeQuent management team in driving the business. The transaction is subject to customary closing conditions, SeQuent Scientific said in a statement.
IPC is a fully integrated company with a portfolio of steroids and hormonal APIs and having its manufacturing base in Uttarakhand. The company currently produces 14 APIs and has an aggressive R&D pipeline including 20 more under development. The company has already commenced fillings in the regulated markets, it added.
Till 03:14 p.m. around 22,000 shares changed hands on the counter and there were pending buy orders for 2,117 shares on the BSE.
In past three weeks, the stock had underperformed the market by falling 37% as compared to 8% decline in the S&P BSE Sensex.
Under the terms of the agreement, SeQuent is acquiring 51% of IPC and the remaining 49% will be continue to be held by the promoters of IPC, who will also join the SeQuent management team in driving the business. The transaction is subject to customary closing conditions, SeQuent Scientific said in a statement.
IPC is a fully integrated company with a portfolio of steroids and hormonal APIs and having its manufacturing base in Uttarakhand. The company currently produces 14 APIs and has an aggressive R&D pipeline including 20 more under development. The company has already commenced fillings in the regulated markets, it added.
Till 03:14 p.m. around 22,000 shares changed hands on the counter and there were pending buy orders for 2,117 shares on the BSE.
In past three weeks, the stock had underperformed the market by falling 37% as compared to 8% decline in the S&P BSE Sensex.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%