Strides Acrolab gains on Sun Pharma's divestment plan

The agreement involves transfer of two marketing divisions 'Solus' and 'Solus Care', along with employees to Strides Acrolab

Shares of drug maker Strides Acrola have gained 3% to quote at Rs 1,180.60 on the BSE after, India’s largest drug maker, Sun Pharma sold the central nervous system (CNS) product business of erstwhile Ranbaxy to Strides Arcolab for an amount of Rs 165 crore.

Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the central nervous system (CNS) segment in India, Sun Pharma said in a statement.

The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs 165 crore, it added.

 

Earlier, Sun Pharma had completed the $3.2 billion acquisition of Ranbaxy Laboratories in March to create the world’s fifth-biggest generic pharmaceutical company by revenue. 

Strides Acrolab opened at Rs 1,161 on the BSE and a total of shares changed hands on the BSE. Meanwhile, Sun Pharma is trading 0.5% on the BSE.