Strides Arcolab shares gain 4.5% on Sun Pharma deal

Shares of Strides Arcolab rose by 4.5 per cent today as it entered into a pact with Sun Pharma to buy from it erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India for Rs 165 crore.
The stock ended at Rs 1,198.20, up 4.57 per cent on the BSE. During the day, it gained 4.9 per cent to Rs 1,202.
On the NSE, shares of the company jumped 4.22 per cent to Rs 1,200.35.
The company's market valuation rose by Rs 312.34 crore to Rs 7,144.34 crore.
Sun Pharma's scrip was down 0.59 per cent to Rs 899.75 at close on BSE.

Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the CNS segment in India, Strides had said in a statement on Saturday.
The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs 165 crore, it said.