Aurobindo Pharma has moved higher by 3% to Rs 550, also its new high on the BSE, after the company said it has completed the acquisition of certain commercial operations of Actavis plc in Western Europe.
The agreement to acquire the operations of Ireland-based Actavis, a global, integrated speciality pharmaceutical company, was announced in January 2014.
“The company has acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven European countries. Actavis and Aurobindo have also entered into a long-term commercial and supply arrangement,” Aurobindo said in a press release.
Aurobindo now intends to combine the strength of both enterprises in these markets and to identify and maximise all opportunities to improve performance, it added.
The stock opened at Rs 539 and touched a low of Rs 535 so far on the BSE. A combined 1.1 million shares changed hands on the counter till 0945 hours on the BSE and NSE.
The agreement to acquire the operations of Ireland-based Actavis, a global, integrated speciality pharmaceutical company, was announced in January 2014.
“The company has acquired personnel, commercial infrastructure, products, marketing authorisations and dossier licence rights in seven European countries. Actavis and Aurobindo have also entered into a long-term commercial and supply arrangement,” Aurobindo said in a press release.
Aurobindo now intends to combine the strength of both enterprises in these markets and to identify and maximise all opportunities to improve performance, it added.
The stock opened at Rs 539 and touched a low of Rs 535 so far on the BSE. A combined 1.1 million shares changed hands on the counter till 0945 hours on the BSE and NSE.
