Torrent Pharma gains on deal with AstraZeneca

Torrent Pharma has surged to a new high on supply deal with AstraZeneca.

The stock opened at Rs 500 and jumped 4% to a new high of Rs 509. It is now trading with a 3.5% gain at Rs 507. The counter has seen trades of 13,000 shares on the BSE so far.

Ahmedabad-based Torrent Pharmaceuticals has enetered into a supply deal with UK-based drug maker AstraZeneca. The $32.8-billion AstraZeneca, second largest drug company in Britain, becomes the third big multinational innovator in recent times to enter generic supply deals with an Indian company.

AstraZeneca would initially purchase from Torrent the licences and market authorisations for 18 products in nine countries. Further products and countries may be added. The deal’s financial details weren’t disclosed.

However, AstraZeneca Pharma India is trading flat at Rs 922. The counter has clocked a volume of 492 shares on the BSE.