Shares of Piramal Enterprises rose by nearly 5 per cent today as the company is set to acquire US-based contract development and manufacturing firm Ash Stevens Inc for up to USD 52.95 million (over Rs 350 crore).
The scrip gained 3.92 per cent to touch its one-year high of Rs 1,850 on the BSE.
At NSE, shares of the company rose by 4.68 per cent to Rs 1,854.40 - its 52-week high.
The firm's "wholly-owned US subsidiary has entered into an agreement to acquire 100 per cent stake in Ash Stevens...In all cash deal for a total consideration of USD 42.95 million plus an earn-out consideration capped at USD 10 million, subject to achievement of certain EBITDA targets, payable over next six months," Piramal had said in a BSE filing yesterday.
This potential transaction is expected to be completed by end of August, it added.
"Ash Stevens will add high potency capabilities to the services we offer our customers," Vivek Sharma, Pharma Solutions business CEO, Piramal Enterprises, said.
Ash Stevens is a full service CDMO (contract development and manufacturing organisation) focused on development and manufacturing of high potency active pharmaceutical ingredients (HPAPIs).
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