Alkem Lab acquires undertaking from Cachet Pharmaceuticals
Alkem Laboratories Limited informed the markets on Friday that the company has acquired an undertaking, as a whole and on a going and running concern basis from Cachet Pharmaceuticals Private Limited, a subsidiary of the company. The cost of acquisition is Rs. 51,85,00,000.
In the press release, the company has mentioned that it was getting some of its liquid products like syrups, etc. manufactured from the said undertaking and was procuring other liquid items from other parties as the company did not have any undertaking to produce liquid pharmaceutical products. Hence, it was proposed to acquire the said undertaking with a view to manufacture most of its requirement of liquid products at one place for better control over the quality of the products and timely supplies of the products by the company.
Alkem Lab stock has been in focus since the company received a Form 483 with four observations on August 23, 2019 for its facility at St Louis in USA. Later on September 11, the USFDA issued Establishment Inspection Report (EIR) for the facility as the inspection was closed.
On Friday, the shares of Alkem Laboratories Ltd closed at Rs.1947.40 as compared to the previous close of Rs. 1866.15. The stock hit an intraday high of Rs. 1965.00 and intraday low of 1866.15.