Vivimed Labs stock up over 5% on Clariant Chemicals agreement

Shares of drug firm Vivimed Labs rose by over 5 per cent after the company signed a pact with Clariant Chemicals India to sell of some of products in its specialty chemicals division for Rs 380 crore.
The stock gained 5.28 per cent to settle at Rs 345 on the BSE. Intra-day, it went up by 6.8 per cent to Rs 350.
On the NSE, shares of the company soared 5 per cent to Rs 344.85 at close.
The company has signed definitive agreement for the transfer and sale of identified products within specialty division to company Clariant AG's subsidiary Clariant Chemicals India Ltd, Vivimed Labs said in a BSE filing.

"The transaction values the identified product lines at an enterprise value of Rs 380 crore," it added.
A major portion of the receipts will be used to reduce the debts thereby saving substantial interest costs going forward, Vivimed Labs said.