India's Strides Pharma down; Syngene to buy unit in slump sale

Strides Pharma Science

05/07/2023 09:10

** Shares of Strides Pharma Science  SRID.NS  fall as much
as 7.2% to 448.7 rupees, biggest pct loss since May 25
    ** Co on Tuesday reported that unit Stelis Biopharma enters
into binding term sheet with Syngene International  SYNN.NS  to
divest its Unit 3 multi-modal facility situated at Bengaluru,
India
    ** Syngene to acquire Unit 3 on a slump sale basis for gross
consideration of 7.02 bln rupees ($85.43 million)
    ** More than 2.1 mln shares change hands by 01:30 p.m. IST
vs 1.6x 30-day avg of 1.3 mln shares
    ** Stock up 38.2% YTD up to last close



($1 = 82.1725 Indian rupees)

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))