Orchid Pharma inks tech transfer agreement for key cephalosporin intermediate; stock hits fresh high

12 Jul 2023 , 02:17 PM

The Chennai-based drugmaker Orchid Pharma announced that it has entered into a technology transfer agreement with a leading multinational biotechnology company for its fermentation-based ‘7ACA project’ under the production-linked incentive (PLI) scheme.

The name of the biotechnology firm and other terms of the agreement were not disclosed by the company.

Orchid Pharma announced that its wholly-owned subsidiary, Orchid Bio Pharma, has been granted permission to manufacture ‘7-ACA’ at a capacity of 1,000 tons per year.

The key intermediate in the synthesis of semisynthetic cephalosporin antibiotics is 7-ACA (7-aminocephalosporanic acid). It is made from cephalosporin C, a fermentation product.

At around 2.12 PM, Orchid Pharma was trading 3.11% higher at Rs 517, against the previous close of Rs 501.40 on NSE. The counter hit a 52-week high of Rs 525 in today’s trade.

Orchid Pharma is a vertically integrated company with established credentials in research, manufacturing, and marketing that spans the entire pharmaceutical value chain from discovery to delivery.

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