Alembic Pharmaceuticals rose 1.26% to Rs 64.40 at 11:17 IST on BSE after the company said it has entered into a development and license agreement with Accu-Break Pharmaceuticals, Inc, USA to develop new brand products.
The company made this announcement during trading hours today, 8 August 2012.
Meanwhile, the BSE Sensex was up 44.25 points or 0.25% to 17,646.03.
On BSE, 89,000 shares were traded in the counter as against average daily volume of 54,918 shares in the past one quarter.
The stock hit a high of Rs 65.50 and a low of Rs 62.75 so far during the day. The stock had hit a record high of Rs 66.60 on Tuesday, 7 August 2012. The stock had hit a record low of Rs 34 on 2 January 2012.
The stock had outperformed the market over the past one month till 7 August 2012, jumping 11.29% compared with the Sensex's 0.46% rise. The scrip had also outperformed the market in past one quarter, surging 19.44% as against Sensex's 4.07% rise.
The company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.
Alembic Pharmaceuticals said it has entered into a development and license agreement with Accu-Break Pharmaceuticals, Inc, USA (ABP) to develop new brand products that will use ABP's innovative Accu-Break tablet technologies.
ABP's patented Accu-Break tablets can be split easily by hand into exact smaller doses to provide maximum flexibility, and to make it easier and safer for patients and caregivers to adjust their dosage, Alembic Pharmaceuticals said. The first product that ABP will seek Food and Drug Administration (FDA) marketing approval for is an Accu-Break-formatted version of the popular anticoagulant medication warfarin, Alembic added.
Based in Plantation, Florida, ABP is a technology licensing and product development company. It currently has 48 patents issued and 22 patents pending worldwide.
Alembic Pharmaceuticals' consolidated net profit jumped 97.6% to Rs 20.31 crore on 14.9% growth in net sales to Rs 340.79 crore in Q4 March 2012 over Q4 March 2011.
Alembic Pharmaceuticals is a vertically integrated research and development pharmaceutical company. The company manufactures and markets generic pharmaceutical products all over the world.
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