Ind Swift Laboratories up 13% on Piramal stake buy reports

NEW DELHI: Ind Swift Laboratories Ltd surged over 13 per cent on Tuesday on reports that the Piramal Healthcare is in talks to acquire Ind Swift’s contract research and manufacturing business and many of its facilities approved by the US Food and Drugs Administration (US FDA).

At 10:38 am Ind Swift Laboratories was trading 10 per cent higher at Rs 56.80. It has hit a low of Rs 53.10 and a high of Rs 59.40 today.

The deal under negotiation is valued at Rs 1,000-1,200 crore, according to media reports.

“The deal is expected to lift Piramal’s contract research and manufacturing services (CRAMS) and active pharmaceutical ingredient (API) manufacturing business,” said the reports.