Strides Arcolab at 52-week high on Ascent Pharma sale

Strides Arcolab has surged 19% to Rs 484 after the company said Watson Pharmaceuticals Inc has agreed to buy Ascent Pharma Health Ltd, the Australia and Southeast Asia generic pharmaceutical business of the company for Au$375 million in cash.

The company informed the stock exchanges, the sale of its 94% shareholding in Ascent Pharmahealth to Watson Pharmaceuticals Inc.

“As a part of the transaction, Watson also acquired the remaining 6% shareholding associated with Dennis Bastas, CEO of Ascent,” the pharma company said in a release.

A combined 1.53 million shares have changed hands on the counter so far on both the exchanges.