Aurobindo Pharma gains 5% on acquisition of Sandoz's US business

The stock rallied 5% to Rs 732 on Thursday, extending its Wednesday's 2% gain on the BSE, after the company announced the acquisition of Sandoz's generic business in the US for $900 million.

Shares of Aurobindo Pharma has rallied 5% to Rs 732 on Thursday, extending its Wednesday’s 2% gain on the BSE, after the company announced the acquisition of Sandoz's generic business in the US for $900 million.

“The company announces the signing of a definitive agreement to acquire certain assets from Sandoz Inc., USA ("Sandoz"), a Novartis Division, comprising a market leading dermatology business and a portfolio of oral solid products along with commercial and manufacturing infrastructure in the US,” Aurobindo Pharma said in a press release.

The acquisition is for an upfront purchase price of $0.9 billion in