India's Suven Pharma rises after $28 mln acquisition

Cohance Lifesciences

14/06/2024 05:23

** Shares of Suven Pharmaceuticals Ltd  SUVH.NS  up 4.9% at
700.50 rupees
    ** Contract drug manufacturer acquires smaller peer Sapala
Organics for 2.3 billion rupees ($27.5 million) to bolster its
contract and development manufacturing services (CDMO) business
    ** Earlier this year, SUVH merged with another CDMO firm,
Cohance
    ** Sapala's "robust" margin profile and strong presence in
Japan among key reasons for acquisition - SUVH presentation
    ** Over 305,000 shares traded, 1.6x 30-day avg volume
    ** Stock trims YTD losses to 4.3%, trails pharma stocks'
 .NIPHARM  ~18% rise



($1 = 83.5300 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))