Pfizer in pink of health after announcing acquisition of Neksium

Pfizer surged 6.33% to Rs 1,772 at 09:31 IST on BSE after the company entered into an agreement to acquire Neksium brand from AstraZeneca for Rs 75 crore.

The announcement was made after market hours yesterday, 31 May 2017.

Meanwhile, the S&P BSE Sensex was up 3.43 points or 0.01% at 31,149.23. The S&P BSE Mid-Cap index was up 33.54 points, or 0.23% at 14,669.36.

On the BSE, 3,174 shares were traded on the counter so far as against the average daily volumes of 5,219 shares in the past one quarter. The stock had hit a high of Rs 1,785.80 and a low of Rs 1,697 so far during the day. The stock had hit a 52-week high of Rs 2,055 on 9 September 2016. The stock had hit a 52-week low of Rs 1,641 on 30 May 2017.

The mid-cap company has equity capital of Rs 45.75 crore. Face value per share is Rs 10.

Pfizer announced that it has entered into an acquisition agreement with AstraZeneca AB, Sweden (AstraZeneca), pursuant to which the brand Neksium is being acquired by the company in India for a consideration of Rs 75 crore. Neksium (esomeprazole) complements the company's existing product portfolio in the gastrointestinal (GI) therapeutic area, Pfizer said.

Pfizer's net profit dropped 21.98% to Rs 68.04 crore on 14.52% fall in net sales to Rs 438.06 crore in Q4 March 2017 over Q4 March 2016.

Pfizer is a leading biopharmaceutical company.

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