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Shares of drug firm Strides Shasun today surged as much as 10 per cent 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).
At 1.50 pm, it was quoting at Rs 1,057, up Rs 23.45 or 2.27 per cent.
“The company’s wholly owned subsidiary Strides Pharma Inc has entered into 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.
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