Lupin gains on Symbiomix Therapeutics acquisition

NEW DELHI: Shares of Lupin advanced on Thursday after the drug-maker said that it has acquired Symbiomix Therapeutics, a US-based company specialising in drugs for gynaecologic infections, for cash considerations of $150 million.

Following the development, the stock gained 1.14 per cent to end the session at Rs 1,057.40 on BSE. It opened at Rs 1,056 and touched an intraday high and low of Rs 1,064.10 and Rs 1,053.20 respectively.

The company informed the bourses that the acquisition, made through the firm's US subsidiary Lupin Pharmaceuticals, involves upfront payment of $50 million, other time-based payments, and sales-based contingent payments.

Promoters held 46.80 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, Lupin reported total revenue at 2,499.33 crore and net profit stood at 354.12 crore.

The scrip touched its fresh 52-week high of Rs 1,572.25 on February 6, 2017 and its 52-week low of Rs 920 on August 21, 2017.