Strides Arcolab gains on FIPB nod for Mylan's deal

FIPB has cleared $1.8-billion investment proposal by Mylan Inc, to acquire Strides Arcolab's injectible unit, Agila Specialities.

Strides Arcolab is trading higher 4% at Rs 863 on reports that the Foreign Investment Promotion Board (FIPB) has cleared the long-pending $1.8-billion investment proposal by US generic drug maker Mylan Inc, to acquire Strides Arcolab’s injectible unit, Agila Specialities.

The stock opened at Rs 850 and hit a high of Rs 890 in early morning deals on BSE. A combined 394,940 shares change hands on the counter till 1100 hours on BSE and NSE. The benchmark indices are down over 2% each.