Orchid Pharma shares go up 5% on rumours about prospective buyers

The share price of Orchid Pharma Ltd saw a five per cent increase on Monday following reports that some of the pharma majors are looking at acquiring the debt-ridden company.

Analysts are of the view that the attraction towards acquiring the Chennai-based company would be the manufacturing facilities approved by US Foods and Drug Administration (FDA). Its debt to a consortium of banks has crossed around Rs 3,000 crore.

There were reports that Aurobindo Pharma and Dr Reddy's, are looking at buying the company, which is under Corporate Insolvency Resolution Process since August 17, 2017.

Aurobindo denied the rumour and