Shasun Pharmaceuticals rose 2.11% to Rs 130.45 at 13:37 IST on BSE after the company said it acquired global rights of Ibuprofen 12 hour extended release OTC tablets and Nuprin brand.
The company made the announcement during trading hours today, 5 May 2014.
Meanwhile, the BSE Sensex was up 160.74 points, or 0.72%, to 22,564.63.
On BSE, so far 8.61 lakh shares were traded in the counter, compared with an average volume of 2.14 lakh shares in the past one quarter.
The stock hit a high of Rs 133.45 and a low of Rs 125.25 so far during the day. The stock hit a 52-week high of Rs 138.70 on 28 April 2014. The stock hit a 52-week low of Rs 45.60 on 26 June 2013.
The stock had outperformed the market over the past one month till 2 May 2014, rising 68.42% compared with the Sensex's 0.65% decline. The scrip had also outperformed the market in past one quarter, gaining 66.23% as against Sensex's 9.21% rise.
The small-cap company has an equity capital of Rs 11.32 crore. Face value per share is Rs 2.
Shasun Pharmaceuticals, through its wholly-owned subsidiary, SVADS Holdings, Switzerland (SVADS) acquired the global rights from ScolrPharma, USA (Scolr), to develop and commercialize Ibuprofen 12 hour Extended Release OTC tablets (Asset) as well as the associated Controlled Release Technology (CDT) along with global rights of Nuprin trademark, a well known brand in analgesics. The Asset, having completed a successful Phase III in the US is a differentiated long acting NSAIDS in the multi billion dollar global OTC analgesic market.
Shasun is the world's leading, vertically integrated manufacturer of Ibuprofen and its derivatives, from actives to formulated packaged products for both the Rx and OTC markets. This acquisition complements Shasun's strategy to expand its range of NSAIDS products through novel, safe and efficacious delivery technologies including transdermal applications across its Ibuprofen franchise, the company said in a statement.
Commenting on the acquisition Mr. S Abhaya Kumar, MD, Shasun Pharmaceuticals said: "The acquisition is the first among a series of strategic initiatives in our guest to continue to enhance our global leadership in the NSAIDS category. Our commitment to reliable and affordable innovation across Ibuprofen franchise is not only focused on providing safer products which can enhance patient compliance but also provide a differentiated Launch pad for Shasun's partnership in the OTC and Rx markets worldwide."
On a consolidated basis, Shasun Pharmaceuticals' net profit rose 58.8% to Rs 13.04 crore on 20.3% increase in net sales to Rs 309.38 crore in Q3 December 2013 over Q3 December 2012.
Shasun Pharmaceuticals is an integrated pharmaceutical company head office in Chennai India with locations in India, UK and USA. Shasun's unique technologies and reliable GMP compliant facilities provide high quality products. Partnering with global pharmaceutical and retail companies, Shasun provides wide range of OTC and Rx Products and services.
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