Cipla plans to acquire US-based pharma cos; stock inches up
Sources indicated that Cipla is in talks to acquire companies with large manufacturing units in generics, respiratory and oncology spaces.
By Yatin Mota, ET Bureau | Updated:
MUMBAI: Stocks of Cipla advanced over 2 per cent on Thursday on reports that the pharma major is looking to increase its presence in the American market by acquiring US-based companies.
Sources indicated that Cipla is in talks to acquire companies with large manufacturing units in generics, respiratory and oncology spaces.
The acquisition size is likely to be around $200-300 million.
Endo's units Indevus Pharma and Indigo Pharma are some of the potential buyout targets, sources said.
In a response to ET Now queries, the Cipla management said it does not comment on any product or partner discussions and added that it has been in talks with multiple companies for potential opportunities.
At 1 p.m.; the stock was at Rs 674, up 0.89 per cent, on the BSE. It touched a high of Rs 691.40 and a low of Rs 672.75.
Sources indicated that Cipla is in talks to acquire companies with large manufacturing units in generics, respiratory and oncology spaces.
The acquisition size is likely to be around $200-300 million.
Endo's units Indevus Pharma and Indigo Pharma are some of the potential buyout targets, sources said.
In a response to ET Now queries, the Cipla management said it does not comment on any product or partner discussions and added that it has been in talks with multiple companies for potential opportunities.
At 1 p.m.; the stock was at Rs 674, up 0.89 per cent, on the BSE. It touched a high of Rs 691.40 and a low of Rs 672.75.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
