 "AstraZeneca Pharma falls on receiving termination notice for Meronem")
AstraZeneca Pharma India has dipped 8% to Rs 1,050 on the BSE in intra-day trade after the company said it has received notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India.
“This is as result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business,” AstraZeneca Pharma India said in a statement.
Meronem is a carbapenem anti-bacterial used for the treatment of serious infections in hospitalised patients.
The current distribution arrangements for Meronem in India will terminate in six months from August 24, 2016.
Meronem is currently one of the company’s principle products. It generated 18% of the total turnover of the company in the financial year ended March 31, 2016, it added.
The global transaction between AstraZeneca PLC and Pfizer Inc. is expected to close in the fourth quarter of the year 2016, subject to customary closing conditions.
At 10:16 am, the stock was down 6.4% to Rs 1,067, as compared to 0.27% rise in the S&P BSE Sensex. A combined 57,507 shares changed hands on the counter on the NSE and BSE.
“This is as result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc, of its late-stage small molecule antibiotics business,” AstraZeneca Pharma India said in a statement.
Meronem is a carbapenem anti-bacterial used for the treatment of serious infections in hospitalised patients.
The current distribution arrangements for Meronem in India will terminate in six months from August 24, 2016.
Meronem is currently one of the company’s principle products. It generated 18% of the total turnover of the company in the financial year ended March 31, 2016, it added.
The global transaction between AstraZeneca PLC and Pfizer Inc. is expected to close in the fourth quarter of the year 2016, subject to customary closing conditions.
At 10:16 am, the stock was down 6.4% to Rs 1,067, as compared to 0.27% rise in the S&P BSE Sensex. A combined 57,507 shares changed hands on the counter on the NSE and BSE.