Strides Pharma hits 52-week high after dissolution of US unit

Strides Pharma Science rallied 5.80% to Rs 1,298.45 after the drug maker informed that its step down wholly owned subsidiary, Altima Innovation Inc US ceased operations effective from 13 August 2024.

Strides Pharma, as a part of Group entites optimization exercises has liquidated its US unit by the relevant regulatory authorities of New Jersey.

Altima Innovations Inc. was a non-operative entity so, its turnover for FY 2024 was NIL. The net worth of the company for FY ended 31 March 2024 was $6,620 (equivalent to approximately Rs 551,909).

Strides Pharma Science is engaged in develops and manufactures a wide range of IP-led niche pharmaceutical products.

 

The company reported a consolidated net profit of Rs 70.20 crore in Q1 FY25 as against a net loss of Rs 7.11 crore posted in Q1 FY24. Revenue from operations stood at Rs 1,087.50 crore in the quarter ended June 2024, registering a growth of 16.93% YoY.

Shares of Strides Pharma Science hit 52-week high of Rs 1,298.50 in todays intraday session.

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