Sun Pharma gains after buying stake in Israeli startup Tarsius

Sun Pharmaceutical Industries rose 1.14% to Rs 646.80 at 9:35 IST on BSE after the company said that one of its wholly-owned subsidiaries has agreed to acquire 18.75% stake in Israel-based Tarsius Pharma for $3 million.

The announcement was made after trading hours yesterday, 10 September 2018.

Meanwhile, the S&P BSE Sensex was up 17.86 points, or 0.05% to 37,940.03.

On the BSE, 1.27 lakh shares were traded in the counter so far compared with average daily volumes of 5.94 lakh shares in the past two weeks. The stock had hit a high of Rs 649.20 and a low of Rs 641 so far during the day. The stock hit a 52-week high of Rs 678.80 on 6 September 2018. The stock hit a 52-week low of Rs 434.80 on 22 May 2018.

Tarsius Pharma is an early-stage research and development company focusing on development of drug candidates in the field of ophthalmology.

On a consolidated basis, Sun Pharmaceutical Industries reported net profit of Rs 1111.06 crore in Q1 June 2018 as compared with net loss of Rs 322.60 crore in Q1 June 2017. Net sales rose 15.76% to Rs 7138.83 crore in Q1 June 2018 over Q1 June 2017.

Sun Pharmaceutical Industries is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.

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