The stock surpassed its previous high of Rs 599, touched on February 14, 2020. The trading volumes on the counter nearly doubled with a combined 720,000 share changing hands on the NSE and BSE till 10:58 am.
In the past one month, the stock rallied 39 per cent, against 15 per cent rise in the S&P BSE Sensex.
“Global buyout funds KKR, Carlyle, Apax Partners and PAG are in the race to acquire domestic pharmaceuticals firm JB Chemicals & Pharmaceutical at a valuation of about Rs 5,000 crore, or $650 million”, a report by Economic Times said,quoting multiple people aware of the development.
The promoters, Jyotindra Bhagawanlal Mody and family held 55.91 per cent stake in JB Chemicals as on March 31, 2020.
In June 2019, the company had issued a clarification on news item captioned "Lupin, Piramal Healthcare in race for stake in JB Chemicals" said that the Company is not aware of such negotiation and thus considers the said news item as merely speculative and factually incorrect.
Meanwhile, last week, JB Chemicals announced that the The United States Food and Drug Administration (USFDA) has approved company's Abbreviated New Drug Application (ANDA) for Carbamazepine extended release tablets USP 100 mg, 200 mg and 400 mg. (for treatment of epilepsy and trigeminal neuralgia). The product is a generic version of Tegretol tablet in the same strength of Novartis Pharmaceuticals Corp.
According to IQVIA, US sales were approximately $128 million. The company plans to commercialize this product in Q3 of this financial year and is expected to boost the Company's US sales, it said.