Aurobindo Pharma hits fresh 52-week high on acquisition of select Actavis ops

NEW DELHI: Aurobindo Pharma Ltd rallied as much as 2.8 per cent in trade on Wednesday to hit its fresh 52-week high of Rs 549.65, after the Pharma major completed acquisition of certain commercial operations of Actavis Plc in Western Europe.

At 09:40 a.m.; Aurobindo Pharma was trading 2.4 per cent higher at Rs 547.50. It hit a low of Rs 535.45 and a high of Rs 549.65 in trade today. The stock has rallied nearly 40 per cent so far in the year 2014.

The agreement to acquire Dublin-based Actavis' operations was announced in January 2014, PTI reported.

"Following receipt of clearances from competent authorities, Aurobindo intends to combine the strength of both enterprises in these markets and to identify and maximise all opportunities to improve performance," Aurobindo said in a statement.

Actavis and Aurobindo have also entered into a long term commercial and supply arrangement, it added.