Strides Arcolab rose 2.3% to Rs 666 at 10:29 IST on BSE after the company said it has made a series of strategic investments in Oncobiologics Inc.
The announcement was made after market hours on Wednesday, 16 July 2014.
Meanwhile, the S&P BSE Sensex was up 25.19 points or 0.1% at 25,574.91.
On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 1.20 lakh shares in the past one quarter.
The stock hit a high of Rs 668.90 and a low of Rs 656.95 so far during the day. The stock had hit a 52-week high of Rs 1,050 on 5 December 2013. The stock had hit a 52-week low of Rs 343.80 on 26 February 2014.
The stock had outperformed the market over the past one month till 16 July 2014, advancing 1.59% compared with the Sensex's 1.43% rise. The scrip had also outperformed the market in past one quarter, surging 43.55% as against Sensex's 14.69% rise.
The mid-cap company has equity capital of Rs 59.57 crore. Face value per share is Rs 10.
Strides Arcolab said it has made a series of strategic investments in Oncobiologics Inc, a privately held New Jersey biopharmaceutical firm developing a pipeline of biosimilars and next generation biotherapeutics.
Strides Arcolab said that the investment is part of Strides' strategy to fund promising biopharma companies with high quality scientific management and proprietary approaches to developments that confer significant time and cost advantages.
Financial terms of the investment were not disclosed.
Commenting on the development, Arun Kumar, Founder and Group CEO, Strides Arcolab said, "Strides Arcolab is proud to announce this strategic partnership with Oncobiologics. After significant due diligence, it is evident that their success to-date in meeting technical milestones is an indicator of the solid team and business model they have constructed. We look forward to sharing in Oncobiologics' future successes".
Oncobiologics Founder & CEO, Pankaj Mohan, Ph.D. said, "The investments by Strides Arcolab represent important milestones for Oncobiologics. Strides Arcolab is a long-term strategic partner that provides both financial strength and a proven track-record of successful business ventures. We look forward to their support and guidance as we continue to execute Oncobiologics' business and technical plans".
Strides Arcolab reported a net loss of Rs 48.27 crore in the quarter ended 31 March 2014 as against net profit of Rs 31.57 crore in the quarter ended 31 March 2013. Net sales rose 50.2% to Rs 242.36 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore that develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities present in more than 75 countries in developed and emerging markets.
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