Marksans Pharma gains on acquisition of US-based company

The stock gained 9% to Rs 63.50 after the company said it has acquired Time-Cap Laboratories through its subsidiary.

Marksans Pharma has moved higher by 9% to Rs 63.50 on the BSE after the company announced that it has acquired Time-Cap Laboratories, a US-based company through its subsidiary.

“The company through its wholly-owned subsidiary, Marksans Pharma Inc., acquired 100% of the outstanding shares of Time-Cap Laboratories, Inc., “ Marksans Pharma said in a news release.

Time-Cap has a USFDA approved manufacturing facility in Farmingdale, New York and the company has no debt, it added.
 

“Time-Cap offers Marksans an ideal platform to expand its operation in the US. This strategic acquisition helps Marksans to expand its manufacturing capabilities along with product portfolio and penetration into the US,” said Mark Saldanha, managing director and CEO of Marksans Pharma.

The stock opened at Rs 58.85 and touched a high of Rs 64.40 on the BSE. The trading volumes on the counter jumped more than two-fold, with a combined 6.03 million shares changing hands till 1033 hours on the BSE and NSE.