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Laurus Labs edges higher on agreeing to acquire stake in Phekolong Pharmaceuticals

Laurus Labs is currently trading at Rs. 348.20, up by 0.40 points or 0.12% from its previous closing of Rs. 347.80 on the BSE.

The scrip opened at Rs. 351.00 and has touched a high and low of Rs. 351.00 and Rs. 346.05 respectively. So far 468 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 440.00 on 27-Sep-2018 and a 52 week low of Rs. 298.00 on 07-Aug-2019.

Last one week high and low of the scrip stood at Rs. 355.15 and Rs. 337.60 respectively. The current market cap of the company is Rs. 3722.09 crore.

The promoters holding in the company stood at 32.82%, while Institutions and Non-Institutions held 44.56% and 22.62% respectively.

Laurus Labs has agreed to acquire 100% shares of Phekolong Pharmaceuticals, a wholly owned subsidiary company of Pharmacare t/a Aspen Pharmacare, South Africa, subject to completion of conditions precedent, by way of cash consideration of South African Rand (ZAR) 75,000.

This transaction will provide the company access to the South African public antiretroviral (ARV) sector, which manages the world’s largest public ARV programme. While Aspen will continue to manufacture the finished dose form ARV’s for the South African public sector, the supply to this sector will be through Laurus’ newly acquired South African subsidiary.

Laurus Labs is a leading research and development driven pharmaceutical company in India. The company has grown consistently to become one of the leading manufacturers of APIs for anti-retroviral (ARV) and Hepatitis C. It also manufactures APIs in oncology and other therapeutic areas.

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