Suven Life Sciences rose 1.84% to Rs 74.60 at 13:04 IST on BSE after the firm said it has granted an exclusive license and right to distribute and market its Malathion lotion in USA, Canada and Mexico to Taro Pharmaceuticals North America, Inc.
The announcement was made during trading hours today, 4 March 2014.
Meanwhile, the S&P BSE Sensex was up 248.92 points or 1.19% at 21,195.57.
On BSE, so far 2.14 lakh shares were traded in the counter as against average daily volume of 2.83 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 5.11% at the day's high of Rs 77 so far during the day. The stock lost as much as 1.09% at the day's low of Rs 72.45 so far during the day. The stock had hit a record high of Rs 83.40 on 12 November 2013. The stock had hit a 52-week low of Rs 22 on 4 March 2013.
The stock had underperformed the market over the past one month till 3 March 2014, sliding 7.04% compared with the Sensex's 3.65% rise. The scrip had, however, outperformed the market in past one quarter, advancing 2.23% as against Sensex's 0.44% rise.
The small-cap company has equity capital of Rs 11.68 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) today, 4 March 2014 announced that it has granted an exclusive license and right to distribute and market its Malathion lotion USP 0.5% w/v in USA, Canada and Mexico to Taro Pharmaceuticals North America, Inc., a subsidiary of Taro Pharmaceutical Industries. Malathion lotion is indicated for patients infected with Pediculus humanus capitis (head lice and their ova) of the scalp hair. In consideration for the exclusive license and right to distribute and market Malathion lotion 0.5%w/v USP in North America, Taro will pay Suven a royalty and the arrangement is effective until April 2028 unless otherwise terminated, Suven said in a statement.
Suven Life Sciences' net profit galloped 369.5% to Rs 36.43 crore on 91.4% growth in net sales to Rs 119.43 crore in Q3 December 2013 over Q3 December 2012.
Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products.
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