Sequent Scientific soars after calling off acquisition of Tineta Pharma

Sequent Scientific jumped 13.23% to Rs 70.63 after the company said that it will not acquire Tineta Pharma and the share purchase agreement entered by the company with Tineta and its promoters stands terminated.

Earlier on 7 November 2022, the company's board approved the acquisition of 100% stake in Tineta Pharma from its existing shareholders for a consideration to be discharged partly by cash and partly by issuance of equity shares of the company through preferential allotment route. The company signed a definitive agreement for the same purpose.

Sequent post market hours yesterday said that the transaction contemplated under the share purchase agreement has been terminated.

Sequent Scientific is India's largest and amongst the 'Top 20' global animal health companies, backed by global investment firm 'The Carlyle Group' as promoter. The company has 8 manufacturing facilities across Europe, Turkey, Brazil & India with the Vizag site being India's only USFDA approved dedicated veterinary API facility.

The company reported a consolidated net loss of Rs 8.87 crore in Q3 FY23 as against a net profit of Rs 17.12 crore in Q3 FY22. Net sales rose 4.8% YoY to Rs 375.31 crore in Q3 FY23.

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