Trimming most of its sharp early gains, shares of drug firm Strides Shasun today ended 2.5 per cent higher as the company's arm Strides Pharma Inc entered a pact with Sweden-based Moberg Pharma to acquire its three brands for over USD 10 million (Rs 67 crore).
After surging 9.99 per cent to Rs 1,136.90 in intra-day trade on BSE, shares of the company finally ended at Rs 1,060.05, up 2.56 per cent.
On NSE, the stock climbed 2.27 per cent to close at Rs 1,056.
The stock erased most of its early gains in-line with an overall sluggish broader market trend where the Sensex ended 12.75 points up at 24,659.23.
"The company's wholly-owned subsidiary Strides Pharma Inc has entered an agreement with Moberg Pharma, Sweden, and its affiliates to acquire Jointflex, Fergon and Vanquish brands for a total consideration of USD 10 million plus inventory value at closing," Strides Shasun said in a BSE filing yesterday.
The transaction is expected to close within four weeks, it added.
