Unichem Laboratories jumps on report of sale plans

Shares of drugmaker Unichem Laboratories Ltd jumped as much as 3 per cent to 315.75 rupees

The drugmaker is exploring a sale of its domestic formulations business, and its proposal "is being studied" by private equity firms and strategic investors, the Economic Times reported on Monday, citing unnamed sources.

Potential suitors could include Teva Pharmaceuticals Ltd, Mylan Inc, Abbott Laboratories Ltd, Sanofi PA, and Pfizer Inc, the report said, citing sources.

Unichem's Managing Director Prakash Mody denied the report on local television channel CNBC-TV18 on Monday, and said the company had no plans to sell a stake.

Unichem did not immediately respond to a request for comment by Reuters.