Alkem Lab gains after deal with AbbVie Inc

Alkem Laboratories gained 1.81% to Rs 2025.50 after the company said it acquired a new drug application, Marinol, from US-based AbbVie Inc.

Alkem Laboratories said it entered into an asset purchase agreement dated 30 December 2019 with AbbVie Inc., USA for acquisition of certain assets related to the active pharmaceutical ingredient (API), Dronabinol. It includes domain names and trademarks related to "Marinol", a new drug application (NDA) registered with U.S. Food and Drug Administration (USFDA).

Alkem Labs bought these assets for $10 million-plus suitable working capital adjustments on closing. The company shall own the NDA and associated assets and will use these to commercially exploit both branded and generic sales in US. The announcement was made during market hours today, 31 December 2019.

Alkem Laboratories has gained 6.39% in last three months, underperforming the Nifty Pharma's 6.9% rise in the same period.

On consolidated basis, the company reported a 46.1% rise in net profit to Rs 380.52 crore on an 18% rise in net sales to Rs 2264.03 crore in Q2 September 2019 over Q2 September 2018.

Alkem Laboratories is a leading Indian pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical products.

Powered by Capital Market - Live News