Claris Lifesciences surges on ANDA approval
Stocks of Claris Lifesciences climbed over 4% after one of its existing shareholders sold out its entire stake in the company via a block deal.
By ET Online |
NEW DELHI: Stocks of Claris Lifesciences climbed over 4 per cent in intraday trade today following a 11 per cent fall in the preceding session after one of its existing shareholders sold out its entire stake in the company via a block deal. The stock recovered some of the lost ground on Tuesday after the company informed BSE that it has received a supplemental Abbreviated New Drug Application (ANDA) approval to sell Fluconazole injection in 50 ml PVC bags. The company has been selling this producy in 100 ml and 200 ml PVC bags so far.
The stock ended day in green, up 1.06 per cent at Rs 277.3.
The stock was also in news as the comapany has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA, with reference to the alledged infringement of a patent.
The scrip climed 4.19 to hit an intra-day high of Rs 286.
In the previous session, the scrip had come under intense selling pressure after a private equity (PE) company Carlyle sold out its entire 11.29 per cent stake in the pharma firm for Rs 170 crore. The average price stood at Rs 277 per share. Other existing investors such as Emsaf Mauritius and Tata AIA Life Insurance Company were among the buyers in block deals.
The PE investor exited after generating two-fold returns from the counter in a span of nine years.
The company is expetcing to clock a revenue CAGR of 30 per cent the next 3 years, riding on a slew of filings/launches in the US/EU and tripling of capacity, said Edelweiss Securities in a note.
"The injectables space has become an attractive destination for participants, given product shortages, limited competition and attractive pricing. The segment has also witnessed heightened M&A activity at favourable valuations (nearly 4-6x EV/sales), which should drive higher valuations of injectables-focused companies like Claris," the brokerage added.
The stock ended day in green, up 1.06 per cent at Rs 277.3.
The stock was also in news as the comapany has reached a settlement and license agreement, ending all pending litigation with Fresenius Kabi USA, with reference to the alledged infringement of a patent.
The scrip climed 4.19 to hit an intra-day high of Rs 286.
In the previous session, the scrip had come under intense selling pressure after a private equity (PE) company Carlyle sold out its entire 11.29 per cent stake in the pharma firm for Rs 170 crore. The average price stood at Rs 277 per share. Other existing investors such as Emsaf Mauritius and Tata AIA Life Insurance Company were among the buyers in block deals.
The PE investor exited after generating two-fold returns from the counter in a span of nine years.
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The company is expetcing to clock a revenue CAGR of 30 per cent the next 3 years, riding on a slew of filings/launches in the US/EU and tripling of capacity, said Edelweiss Securities in a note.
"The injectables space has become an attractive destination for participants, given product shortages, limited competition and attractive pricing. The segment has also witnessed heightened M&A activity at favourable valuations (nearly 4-6x EV/sales), which should drive higher valuations of injectables-focused companies like Claris," the brokerage added.
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