Alembic Pharmaceuticals (APL) shares today surged nearly 7 per cent after it entered a joint venture with Orbicular Pharmaceutical to develop, manufacture and commercialise dermatology products for global markets.
The stock soared 6.89 per cent to settle at Rs 610.85 on BSE. During the day, it climbed 8.14 per cent to Rs 618.
On NSE, the scrip zoomed 6.71 per cent to close at Rs 610.35.
APL today informed BSE that it has entered a joint venture with Orbicular Pharmaceutical Technologies and M S Mohan.
"APL and Orbicular will own 60 per cent and 40 per cent of the equity capital of Aleor when the transaction is completed," the Vadodara-based company said.
It further said: "The joint venture agreement has standard terms including transfer of employees, financing and borrowing, management functioning, restriction on transfer of shares, non-compete, non-solicitation and termination events and consequences."
Mohan is one of the founders of Orbicular Pharmaceutical Technologies.
