 "SeQuent Scientific up 10% on acquisition plans")
SeQuent Scientific got locked in upper circuit of 10% at Rs 862 on the BSE after the pharmaceutical company announced that it is acquiring a controlling stake in Indo Phyto Chemicals (IPC), a New Delhi based pharma company, focused on female healthcare.
Under the terms of the agreement, SeQuent is acquiring 51% of IPC and the remaining 49% will be continue to be held by the promoters of IPC, who will also join the SeQuent management team in driving the business. The transaction is subject to customary closing conditions, SeQuent Scientific said in a statement.
IPC is a fully integrated company with a portfolio of steroids and hormonal APIs and having its manufacturing base in Uttarakhand. The company currently produces 14 APIs and has an aggressive R&D pipeline including 20 more under development. The company has already commenced fillings in the regulated markets, it added.
Till 03:14 p.m. around 22,000 shares changed hands on the counter and there were pending buy orders for 2,117 shares on the BSE.
In past three weeks, the stock had underperformed the market by falling 37% as compared to 8% decline in the S&P BSE Sensex.
Under the terms of the agreement, SeQuent is acquiring 51% of IPC and the remaining 49% will be continue to be held by the promoters of IPC, who will also join the SeQuent management team in driving the business. The transaction is subject to customary closing conditions, SeQuent Scientific said in a statement.
IPC is a fully integrated company with a portfolio of steroids and hormonal APIs and having its manufacturing base in Uttarakhand. The company currently produces 14 APIs and has an aggressive R&D pipeline including 20 more under development. The company has already commenced fillings in the regulated markets, it added.
Till 03:14 p.m. around 22,000 shares changed hands on the counter and there were pending buy orders for 2,117 shares on the BSE.
In past three weeks, the stock had underperformed the market by falling 37% as compared to 8% decline in the S&P BSE Sensex.
