Shares of Eris Lifesciences and Strides Shasun rose by as much as 7 per cent today after both the companies entered into a definitive pact to buy Strides's India branded business for Rs 500 crore.
The scrip of Eris Lifesciences surged 6.70 per cent to end at Rs 624.30 on BSE. During the day, it zoomed 9 per cent to Rs 637.90.
Stock of Strides Shasun, a Bengaluru-based company, rose 3.81 per cent to settle at Rs 817.70. Intra-day, it gained 4.33 per cent to Rs 821.85.
Ahmedabad-based drug maker Eris Lifesciences has entered into a definitive pact with Strides to acquire latter's India branded generics business for a cash consideration of Rs 500 crore.
"The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30, 2017," the companies said in a joint statement on Saturday.
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