Marksans Pharma rallies ~12% as company to acquire Tevapharm's Goa facility

12 Oct 2022 , 03:01 PM

Marksans Pharma’s counter jumped as much as 12% in Wednesday’s session following the company’s announcement to acquire a bulk pharmaceutical formulations facility from Tevapharm. The stock touched an intraday high of Rs54.60.

The company via its regulatory filing has informed the exchanges that it has entered into a business agreement to acquire Tevapharm India’s Goa-based bulk pharmaceutical formulations business.

The pharma company has agreed to keep the unit’s personnel and adhere to the existing terms of employment. The deal is for cash and is slated to close on April 1, 2023, subject to closing conditions. However, no deal value has been given.

Despite the surge, Marksans Pharma’s shares have witnessed a nearly 10% decline in the previous month and has plummeted 25% so far in 2022.

The company maintains its 52-week high at Rs71.30, with an upper circuit limit of Rs55.85.

At around 3.05 PM, Marksans Pharma erased half of the early morning gains, and was trading at Rs48.95 up by 4.93% from its previous closing of Rs46.65 on the BSE.

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