India's Laurus Labs jumps on buying additional stake in ImmunoACT

Laurus Labs

01/06/2023 07:09

** Shares of pharmaceutical firm Laurus Labs Ltd  LAUL.NS 
rise as much as 4.3% to 345 rupees, highest level since Feb. 9
    ** Co said on Wednesday that it signed definitive agreements
to acquire additional 7.24% stake in advanced cell and gene
therapy co ImmunoACT for cash consideration of 800 mln rupees
($9.7 mln)
    ** Adds that some promoters and senior management of LAUL
would also acquire 0.54% stake in ImmunoACT for 40 mln rupees
before co's investment
    ** LAUL says its stake in ImmunoACT will increase to 33.86%
post deal completion
    ** Nearly 4.7 mln shares change hands as of 11:28 a.m. IST,
1.4X the 30-day moving average
    ** Five analysts rate the stock "buy" or "strong buy", three
"hold", three "sell" or "strong sell"; median PT is 315 rupees -
Refinitiv data
    ** Stock down 11.9% YTD as of last close
    
    ($1 = 82.4595 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))