India's Torrent Pharma rises on deal to buy diabetes treatment brands

Mankind Pharma

05/12/2024 04:05

** Shares of drugmaker Torrent Pharma  TORP.NS  climb 3% to
3,455 rupees in early trade
** Co says it will acquire three diabetes treatment brands -
Cospiaq, Cospiaq Met and Xilingio - from German
biopharmaceuticals firm Boehringer Ingelheim
    ** Acquisition to be completed in March 2025
    ** TORP, which makes diseases for long-time illnesses like
diabetes and thyroid, has been marketing these brands since 2022
under a co-marketing agreement with Boehringer
    ** Analysts rate TORP, rivals Mankind Pharma  MNKI.NS  and
Glenmark Pharma  GLEN.NS  at "buy" - LSEG data
    ** TORP's ~50% YTD gain smaller than GLEN's 81% climb but
bigger than MNKI's 31% rise

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