Hikal Ltd inks 10-year multi-product deal with a pharmaceutical leader; hits new 52-week high
Hikal Limited, which is recognised as a preferred long-term partner for leading global life sciences companies on Wednesday announced that it has signed a multi-year contract with a leading global pharmaceutical company.
The contract signed entails the development and supply of a portfolio of niche APIs over a period of 10 years between the two. The development process will start this year while commercial supplies are likely to commence upon successful development. Meanwhile, plant commercialisation is estimated to begin from FY2024 onwards.
With this deal, the company is entering into a niche area of chemistry & products, which will further strengthen and bolster its animal health vertical. Hikal and its customer will be jointly partnering in setting up a manufacturing facility at its Panoli (Gujarat) site to maintain security of supplies for the next ten years.
Hikal Limited is in the business of supplying research services, active ingredients & intermediates, manufactured using stringent global quality standards for its global customers. It is a reliable long-term partner to companies in the pharmaceuticals, crop protection, and speciality chemicals industry.
At 10.15 am on Wednesday, the shares of the company were trading 9.99 per cent higher at Rs 313.65 on BSE. The stock made a new 52-week high of Rs 313.65 today while its 52-week low stood at Rs 97.15 made on May 12, 2020.
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