Claris Lifesciences surged 8.72% to Rs 305.50 at 11:54 IST on BSE on reports Cadila Healthcare plans to acquire the generic sterile injectables business of Claris Lifesciences.
Shares of Cadila Healthcare were down 0.41% at Rs 1,748.
Meanwhile, the S&P BSE Sensex was down 96.09 points or 0.35% at 27,741.12.
On BSE, so far 17.70 lakh shares of Claris Lifesciences exchanged hands as against average daily volume of 3.79 lakh shares in the past one quarter.
The stock hit a high of Rs 331 and a low of Rs 300 so far during the day. The stock had hit a record high of Rs 358 on 13 April 2015. The stock had hit a 52-week low of Rs 141.25 on 2 June 2014.
The stock had outperformed the market over the past one month till 20 May 2015, rising 2.41% compared with Sensex's 0.18% fall. The scrip had also outperformed the market in past one quarter, advancing 11.64% as against Sensex's 4.77% fall.
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The small-cap company has equity capital of Rs 54.57 crore. Face value per share is Rs 10.
According to reports, Cadila Healthcare has emerged as the frontrunner to acquire the generic sterile injectables business of Claris Lifesciences trumping several domestic and global peers who were also interested in the asset. Both sides are currently engaged in last minute due diligence negotiations involving tax and other financial matters, reports suggested. Cadila is likely to pay a significant premium, valuing the company between Rs 3100 crore to Rs 3400 crore, reports added.
Meanwhile, Cadila Healthcare during market hours today, 21 May 2015 in a clarification with regard to the above media reports said that the news item is speculative in nature and it is company's policy not to respond to any such speculative news items. As a responsible listed company, the company informs stock exchanges of all information which is required to be disclosed, on timely basis, in terms of the Listing Agreement, Cadila Healthcare said.
Claris Lifesciences' consolidated net profit jumped 406.2% to Rs 89.85 crore on 24% growth in net sales to Rs 179.15 crore in Q4 December 2014 over Q4 December 2013.
Claris Lifesciences is a multi-business enterprise and the holding company of Claris Injectables, a wholly-owned subsidiary dealing in Specialty Injectables business, collectively Claris; and 'Claris Otsuka', a Joint Venture with Japanese Otsuka Pharmaceutical Factory, Inc. & Mitsui & Co. for Infusion business in India & emerging markets.
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