Marksans Pharma gains nearly 8.5% on buyout of Time-Cap Lab

Shares of Marksans Pharma ended nearly 8.5 per cent higher today after the company acquired US-based Time-Cap Laboratories for an undisclosed amount.
After surging 9.61 per cent to Rs 64.40 in intra-day trade, shares of Marksans finally ended at Rs 63.70, up 8.43 per cent on the BSE.
On the NSE, the stock rose by 8.32 per cent to Rs 63.75 at close.
The company's market value went up by Rs 203.33 crore to Rs 2,607.33 crore.
On the volume front, 21.26 lakh shares of the company changed hands at the BSE and over 90 lakh shares were traded at the NSE during the day.

The acquisition was done through its wholly-owned subsidiary, Marksans Pharma Inc.

With this move, the company is strategically increasing its presence in the US market, the largest pharmaceutical market in the world, Marksans Pharma said in a filing to BSE.
New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, it said today.
The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.