Shares of Indian drugmaker Strides Arcolab were up 1.2% at Rs 400 on reports that the company is planning to sell its Australian branded-generics unit.
The company is considering the sale of its Australian branded-generics unit, Ascent Pharmahealth, a national daily reported on Monday.
US investment bank Jefferies and Co is advising Strides Arcolab on a divestment plan that may also include other businesses such as softgel and anti-retro viral drug manufacturing, as the drugmaker wants to focus on specialty injectables, the report said, citing sources.
However, Strides Arcolab declined to comment on the development.
Ascent Pharmahealth is one of the largest branded generic drugmakers in Australia, with 13% market share. It also has a significant presence in Singapore, Thailand and Vietnam.
The Australian branded-generics unit had sales of $140 million in 2010, the report said.