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Unichem Lab jumps after board approves selling MP unit to Mylan

Capital Market/ 09:56 , Feb 18, 2013

Unichem Laboratories jumped 5.24% to Rs 184.90 at 9:55 IST on BSE after the company said it will sell a drug manufacturing plant in India to Mylan Laboratories for Rs 160.50 crore.

The announcement was made after market hours on 15 February 2013.

Meanwhile, the BSE Sensex was up 23.85 points, or 0.12%, to 19,492.

On BSE, 45,660 shares were traded in the counter as against an average daily volume of 29,133 shares in the past one quarter.

The stock hit a high of Rs 193.45 and a low of Rs 178.50 so far during the day. The stock had hit a 52-week high of Rs 216.80 on 10 January 2013. The stock had hit a 52-week low of Rs 124.25 on 4 June 2012.

The stock had underperformed the market over the past one month till 15 February 2013, falling 12.76% compared with the Sensex's 2.60% fall. The scrip had also underperformed the market in past one quarter, falling 1.38% as against Sensex's 5.40% rise.

The small-cap pharmaceutical company has an equity capital of Rs 23.75 crore. Face value per share is Rs 2.

Unichem Laboratories said its board has approved the sale of its new formulation manufacturing unit in Dhar district in Madhya Pradesh along with all assets on a slump sale basis to Mylan Laboratories for a total consideration of Rs 160.50 crore.

This is subject to execution of a definitive agreements between the company and Mylan, reflecting detail terms and condition for the proposed sale and subject to approval of shareholders through a postal ballot, Unichem Laboratories said in a filing. The board also approved the calendar of events for postal ballot, it added.

Unichem Laboratories' net profit rose 24.03% to Rs 30.35 crore on 5.18% rise in net sales to Rs 231.16 crore in Q3 December 2012 over Q3 December 2011.

With formulations forming the core of Unichem Laboratories' business, the company also manufactures active pharmaceutical ingredients (APIs or bulk actives). In addition, it has several pharma products that address relevant and growing therapeutic areas like gastroenterology, cardiology, diabetology, psychiatry, neurology, anti-bacterials, anti-infectives and pain management among others.


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