Friday, 16 December 2016

Nifty hovers around 8150; Sun Pharma falls further, Lupin weak

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Claris Lifesciences shares hit a record high of Rs 430.10, up 20 percent intraday after the company sold its injectable business to US healthcare company. "....has entered into definitive agreements with Baxter International Inc for the sale of its global generic injectables business for a total gross consideration of USD 625 million," the Ahmedabad-based pharma company said in its filing to the exchange. 

It has a total of 11 approved products in the US, around 25 ANDAs under review with the FDA and markets its products in more than 75 countries. Claris Life is expected to complete this sale within 12 months and intends to repatriate a significant majority of the net cash proceeds to the shareholders.

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