Laurus Labs rose 0.78% to Rs 350.50 after the company agreed to fully acquire Phekolong Pharmaceuticals Pty to get entry into the public market of South Africa.
The announcement was made after market hours yesterday, 18 September 2019.Meanwhile, the S&P BSE Sensex was down 74.56 points or 0.2% at 36,489.32.
On the BSE, 250 shares were traded in the counter so far compared with average daily volumes of 891 shares in the past two weeks. The stock hit a high of Rs 351 and a low of Rs 346.05 so far during the day. The stock hit a 52-week high of Rs 440 on 27 September 2018. The stock hit a 52-week low of Rs 298 on 7 August 2019.
Laurus Labs announced that it has agreed to acquire 100% shares of Phekolong Pharmaceuticals Pty, a wholly owned subsidiary company of Pharmacare t/a Aspen Pharmacare, South Africa for a cash consideration of ZAR 75,000 (Seventy-five thousand South African Rand). The acquisition is likely to be completed by November 2019.
Post acquisition, all residual assets and liabilities that are within the target company immediately prior to completion will be for Pharmacare Limited's account and accordingly all such assets and liabilities will be transferred from the target company to Pharmacare immediately prior to completion.
This transaction will provide Laurus access to the South African public antiretroviral (ARV) sector, which manages the world's largest public ARV programme. While Aspen will continue to manufacture the finished dose form ARV's for the South African public sector, the supply to this sector will be through Laurus' newly acquired South African subsidiary.
Laurus Labs is a leading pharmaceutical company with a leadership position in generic active pharmaceutical ingredients (APIs), high-growth therapeutic areas of anti-retrovirals (ARVs), Hepatitis C and Oncology.
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