Indian drug makers Aurobindo Pharmaceuticals and Intas are in the race to acquire Teva's generic drugs in Britain as a part of their plans to expand their European businesses
Stock gains 7% as US formulation business growth boosts profit, net debt reduces by $115 million
The stock rallied 6% to Rs 778 after the company reported 24% YoY jump in consolidated net profit at Rs 585 crore in Q1FY17.
The net profit for the year ago period was Rs 471.3 crore
It, however, did not disclose information related to location of the manufacturing facility
Company is expected to launch Linezolid injection in the second quarter of the 2016-17
Aurobindo is in a race with two other multinationals for the acquisition of Teva Pharmaceutical's European assets
Rosuvastatin Calcium has a market size of $6.7 billion
The stock moved higher by 4% to Rs 788 on the BSE.
The company would reportedly finance the deal with a loan of more than $1 billion
According to Bloomberg, Aurobindo will finance acquisition of 'overlapping drugs' with a loan of $1 billion
Product approvals, Natrol drive US growth; European turnaround adds to performance
The move is crucial to its ambitious goal of seeing $3 billion revenues by FY18
Company crosses $2 billion revenue mark in FY16
The stock was up 5% at Rs 795 on the BSE.
Net profit for the January-March quarter rose to Rs 5.63 billion from Rs 4.03 billion a year earlier
The product has an estimated market size of $50 mn for 12 months to March 2016, according to IMS Health data
The approved ANDA is generic version of Hospira Inc's Marcaine injection
With this approval, the company has now a total of 260 abbreviated new drug application (ANDA) approvals from the USFDA
The stock moved higher by 5% to Rs 809, its highest level since February 2, this year on the BSE.