PI Drugs shoots up on acquisition of Strides' unit

DALAL STREET SPIKES

PI Drugs & Pharmaceuticals galloped 13.41 per cent to close at Rs 36.80 after the company announced on Tuesday evening that it was acquiring the bio-pharmaceutical business of Strides Italia (known by its trademark Diaspa) from Strides Arcolab as a part of an ongoing strategy for inorganic growth.

The stock opened 17.10 per cent higher at Rs 38, which was its intra-day high, and thereafter touched a low of Rs 30.60. The stock hit a 52-week high of Rs 92 on January 2 and a 52-week low of Rs 26.50 on September 16.