Marksans Pharma vaults 10% on buyout of Time-Cap Lab

Shares of Marksans Pharma surged nearly 10 per cent today after the company acquired US-based Time-Cap Laboratories for an undisclosed amount.

The stock climbed 9.61 per cent to Rs 64.40 on BSE.

On NSE, it jumped 9.43 per cent to Rs 64.40.

The acquisition was done through its wholly-owned subsidiary, Marksans Pharma.

With this move, the company is strategically increasing its presence in the US market, the largest pharmaceutical market in the world, Marksans Pharma said in a filing to BSE.

New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, it said today.
 

The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.