Shasun Pharma extends rally on buying global rights of two drugs

The stock has touched 52-week highs, rallying over 10% in the past two trading sessions, on the Bombay Stock Exchange.

Shasun Pharmaceuticals is trading higher by 5% to Rs 143, extending its previous day’s 6% rally, after announcing that it has acquired the global rights to develop and commercialise Ibuprofen's 12-hour extended release tablets from the US-based ScolrPharma and the global rights of analgesics Nuprin for an undisclosed sum.

The acquisition also includes the controlled release technology of Ibuprofen 12-hour extended release OTC, Shashun Pharmaceuticals said in a statement on the Bombay Stock Exchange (BSE).

"The acquisition complements Shasun's strategy to expand its range of non-steroidal anti-inflammatory drug (NSAIDS) products through novel, safe and efficacious technologies, including applications across its Ibuprofen franchise," the company said.

The stock opened at Rs 142 and touched a 52-week high of Rs 144 on the BSE. A combined 1.34 million shares changed hands on the counter so far on the BSE and NSE.