India's Suven Pharma surges on plans to merge with privately held Cohance

Cohance Lifesciences

01/03/2024 04:17

** Shares of Suven Pharmaceuticals  SUVH.NS  up 12% in heavy
volumes 
    ** Stock eyes best day in more than 3 years 
    ** Contract drug maker said it will merge with privately
held Cohance Lifesciences in an all-stock deal to boost its
contract and development manufacturing services (CDMO) business
    ** Trading volume tops 3 mln shares, more than 10x the
30-day moving avg 
    ** Thursday's gains trim YTD losses to 2.5%; stock surged
46% in 2023
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))