Marksans Pharma rallies as company acquires New York-based Time-Cap Laboratories

NEW DELHI: Marksans Pharma rallied as much as 9.61 per cent in intraday trade on Tuesday after the company acquired 100 per cent of the outstanding shares of New York-based Time-Cap Laboratories.

The company has paid $28 million to buy out Time-Cap Labs which has a revenue of $30 million, the company told ET Now.

Products of Marksans will also be sold via Time-Cap channels. Time-Cap is a leading manufacturer and marketer of solid generic pharmaceuticals, including private label over-the-counter (OTC) medications, generic prescription drugs (Rx), and nutritional supplements.