Bajaj Healthcare surged 11.13% to Rs 356.05 after the company announced that it has entered into a definitive CDMO agreement with esteemed UK/EU based customers for the supply of 15 active pharmaceutical ingredients (APIs).
Under this agreement, the company will undertake the development and supply of these molecules, which will be exclusively manufactured for its clientele. These APIs encompass a diverse range of compounds, including off-patent generics and molecules soon to be off-patent.
The CDMO agreement will be executed through its in-house R&D and manufacturing capacities at Savli Vadodara, Gujarat.
Anil Jain, joint managing director, Bajaj Healthcare said: "I am thrilled to share this strategic collaboration which underscores Bajaj Healthcare Ltd.s commitment to innovation, excellence, and meeting the evolving needs of the pharmaceutical industry.
By harnessing our expertise and state-of-the-art infrastructure, we are poised to enhance the accessibility and affordability of essential medications for patients across the globe."
Bajaj Healthcare a leading manufacturer of APIs, intermediates and formulations. It has a strong presence globally in countries like Europe, USA, Australia, Africa, Middle East and South America.
The company had reported a consolidated net loss of Rs 2.20 crore in the quarter ended December 2023 as against net profit of Rs 11.05 crore during the previous quarter ended December 2022. Sales declined 18.10% to Rs 108.57 crore in Q3 FY24 over Q3 FY23.
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