Acquisition alert: This small-cap company announces a major acquisition!
The stock has zoomed more than 58 per cent in just 6 months
On Wednesday, shares of Marksans Pharma surged more than 2.9 per cent to make an intraday high of Rs 78.37 apiece. The scrip closed 0.6 per cent up at Rs 76.60 apiece on BSE.
In a recent development, the company informed the exchange that it has completed the acquisition of a manufacturing site from Teva Pharmaceutical Industries India. The acquisition was first announced in October 2022 and has now been finalized, enabling Marksans to start operating at the newly acquired facility in Verna, Goa.
As part of the agreement, Marksans will continue to supply existing products until the end of 2023 to Teva's affiliates, ensuring high-quality standards. The contract manufacturing agreement with Teva will provide an uninterrupted supply of Teva's important medicines to customers and patients. Marksans has also retained the transferring employees on terms materially similar to their current employment.
The acquisition of the manufacturing site is a significant milestone for Marksans, as it enables the company to potentially double its existing Indian capacity from 8 billion units per annum currently. The facility is a scalable capacity to manufacture oral solid dosage forms, and Marksans plans to manufacture tablets, hard and soft gel capsules, ointments, liquids, and creams from the new capacity.
Marksans Pharma is an Indian pharmaceutical company founded in 1981, and headquartered in Mumbai. It specializes in the development and manufacturing of generic drugs, active pharmaceutical ingredients, and biopharmaceuticals. The company is committed to improving global health by providing affordable and high-quality pharmaceutical products to patients worldwide.
The company has witnessed heavy buying as it has zoomed more than 58 per cent in just 6 months.
Keep a close eye on this trending stock.