Akums Drugs gains on inking distribution agreement with Triple Hair Inc.

Akums Drugs and Pharmaceuticals rallied 3.06% to Rs 908 after the company announced that it has entered into a license & distribution agreement with Triple Hair Inc, a company incorporated in New Brunswick, Canada.

Under the terms of the agreement, the company has been granted exclusive rights to further develop and market products innovated by Triple Hair Inc. within the Indian territory. The company will proceed with development and commercialization after securing the necessary regulatory approvals and licenses in India.

The agreement grants the company exclusive right to use Triple Hairs intellectual property rights (Patent) solely to carry out the studies and perform the services as stipulated in the agreement.

 

Further, the company will manage the commercial strategy to promote and offer Triple Hairs patented products to its own marketing partners and clients within the Indian market exclusively.

Akums Drugs and Pharmaceuticals is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.

The Pharmaceuticals company reported consolidated net profit of Rs 60.17 crore in Q1 FY25 as compared with net loss of Rs 188.23 crore reported in Q1 FY24. Revenue from operations was at Rs 1,019 crore in the quarter ended 30 June 2024, up 5.06% as against Rs 969.89 crore posted in corresponding quarter last year.

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