Bafna Pharma surges over 8% on stake sale reports

MUMBAI: Shares of Bafna Pharmaceuticals surged higher in a weak market on reports that the promoters are in talks to divest their stake from the company.

US-based generic drug maker Mylan and two Indian pharma companies are in the race to acquire the Chennai-based company, which makes haemoglobin drug ' Raricap' among other products, reported ET.

According to ET sources, the talks are primarily for a slump sale in nature.

"The due-diligence is over and the transaction is in its final stages as the promoters are negotiating on price." On the Bombay Stock Exchange, the market value of Bafna Pharmaceuticals was pegged at Rs 56 crore but the asking price is several times that, a source said to ET.

At 11:00 a.m.; the stock was at Rs 32.80, up 8.61 per cent, on the BSE. It touched a high of Rs 35.95 and a low of Rs 32.50 in trade today.