Pfizer surges 7% on acquisition of Neksium brand from AstraZeneca

NEW DELHI: Shares of Pfizer jumped over 7 per cent on Thursday after the drugmaker said it has acquired the brand Neksium from Swedish drugmaker AstraZeneca Rs 75 crore.

The move by the drugmaker --- the 12th largest in terms of sales (roughly Rs 2,800 crore), according to data from AIOCD --
is seen helping it expand into gastro therapy space.

The transaction is subject to completion of requisite clearances, the company said in a filing to BSE.

Following the announcement, the scrip rose 7.15 pr cent to hit a high of Rs 1,785.80, eventually closing at Rs ​ 1712.45, up 2.75 per cent on BSE.

The stock is still 15 per cent away its 52-week high of Rs 2,055 hit in September last year.

Neksium was launched in India in the year 2006 and has developed strong equity with prescribers as a leading, high quality product in the Anti-Peptic Ulcerant space.

Neksium, belongs to a class of pharmaceutical preparations called ‘Proton Pump Inhibitors’ (PPI) which are used effectively for reducing the acid secretion in the stomach. It is widely prescribed for the treatment of conditions across the Acid Peptic Disorders (APD) spectrum.