Shares of Abbott India shot up 14 per cent on the BSE today after its US-based parent firm said it will acquire Piramal's Healthcare Solutions business for an up-front payment of $2.12 billion.
On the Bombay Stock Exchange the shares surged 14 per cent to Rs 1,210, its highest ever. Shares of Piramal Healthcare too zoomed 5.31 per cent to its best level to Rs 599.90, even as the broader market was trading in the negative.
The BSE benchamark Sensex was quoting at 16,382.90, down 136.78 points.
Abbott today said it has entered into an agreement with Piramal Healthcare Ltd to acquire full ownership of Piramal's Healthcare Solutions business for an up-front payment of $2.12 billion, plus $400 million annually for the next four years.
Abbott India was quoting at Rs 1,135, up 7.31 per cent, while Piramal Healthcare was trading at Rs 556.50, down 2.31 per cent in the mid-session on the BSE.