Cadila Healthcare inches up after acquiring two ANDAs from Teva

Cadila Healthcare was up 0.7% to Rs 315.55 at 11:42 IST on BSE after the company said it has strengthened its US portfolio with the acquisition of two abbreviated new drug applications from Teva.

The announcement was made during market hours today, 20 June 2016.

Meanwhile, the S&P BSE Sensex was up 99.31 points or 0.37% at 26,725.22.

On BSE, so far 51,000 shares were traded in the counter as against average daily volume of 88,517 shares in the past one quarter. The stock hit a high of Rs 320 and a low of Rs 310 so far during the day. The stock had hit a record high of Rs 454.40 on 23 October 2015. The stock had hit a 52-week low of Rs 295.50 on 18 January 2016. The stock had underperformed the market over the past one month till 17 June 2016, sliding 2.52% compared with Sensex's 3.31% rise. The scrip had also underperformed the market in past one quarter, declining 6.96% as against Sensex's 7.9% rise.

The large-cap company has equity capital of Rs 102.37 crore. Face value per share is Rs 1.

Cadila Healthcare has strengthened its US portfolio with the acquisition of two abbreviated new drug applications (ANDAs) from Teva that are being divested by Teva as a pre-condition to its acquisition of Allergan's generic business. The acquisition of these ANDAs is contingent on the closing of the Teva-Allergan Generics transaction and approval by the US Federal Trade Commission, Cadila said. The company did not disclose the financial details of the transaction.

Cadila said that the ANDAs have been acquired by its 100% subsidiary, Zydus Worldwide DMCC and the transaction will be financed through the group's internal accruals. The acquired portfolio comprises an ANDA which is already commercialised and one pipeline ANDA which is a transdermal patch. The estimated market size of the two ANDAs put together is nearly $200 million, Cadila said in a statement.

Cadila Healthcare's consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.

Cadila Healthcare is an innovative, global pharmaceutical company that discovers, manufactures and markets a broad range of healthcare therapies.

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