Aurobindo Pharma rose 1.07% to Rs 564.80 at 9:38 IST on BSE, with the stock extending Wednesday's gains triggered by the company completing acquisition of certain commercial operations in Western Europe from Actavis plc.
Meanwhile, the S&P BSE Sensex was down 3.78 points or 0.02% at 22,547.71.
On BSE, so far 53,000 shares were traded in the counter as against average daily volume of 3.02 lakh shares in the past two weeks.
The stock hit a high of Rs 567.10 and a low of Rs 559.50 so far during the day.
Shares of Aurobindo Pharma have risen 5.62% in two trading sessions from Rs 534.70 on 1 April 2014 after the company after market hours on 1 April 2014 said it has completed the previously announced acquisition of certain commercial operations in Western Europe from Actavis plc. The stock had surged 4.51% to settle at Rs 558.80 on Wednesday, 2 April 2014.
The agreement to acquire the Actavis operations was announced in January 2014. Aurobindo Pharma (Aurobindo) said it acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven European countries. Actavis and Aurobindo have also entered into a long term commercial and supply arrangement.
Following receipt of clearances from competent authorities, Aurobindo now intends to combine the strength of both enterprises (including its vertically integrated platform and existing commercial infrastructure) in these markets and to identify and maximise all opportunities to improve performance, Aurobindo said in a statement.
Actavis plc is a global integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. Actavis has global headquarters in Dublin, Ireland and US administrative headquarters in Parsippany, New Jersey, USA.
Aurobindo Pharma's consolidated net profit jumped 354.7% to Rs 417.49 crore on 37.6% growth in net sales to Rs 2135.52 crore in Q3 December 2013 over Q3 December 2012.
Aurobindo Pharma, headquartered at Hyderabad, manufactures generic pharmaceuticals and active pharmaceutical ingredients (APIs). The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company's robust product portfolio is spread over 6 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, and Anti-Allergics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 125 countries.
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