Zydus Lifesciences shares closed in red on Tuesday, September 16. This came to pass after the company announced the acquisition of Sterling Biotech Ltd's API or Active Pharmaceutical Ingredients Business.
Zydus Announces Acquisition
Earlier in the day, the company announced this through an exchange filing with the BSE.
In the said exchange filing the company said, "Zydus Lifesciences conveyed this information through in exchange filing with the BSE. In the exchange filing, filed on September 17, the company said, " Zydus Lifesciences Limited (“the Company”) intimated that the Company through its wholly owned subsidiary has acquired 50 per cent stake of Sterling Biotech Limited (“SBL”). Active Pharmaceutical Ingredients (“API”) business of SBL is an excellent strategic fit for the Company given that it has fermentation-based products portfolio with a manufacturing facility at Masar (near Vadodara, Gujarat which is in proximity to the Company’s existing facility at Dabhasa) and can meet our strategic and commercial objectives."
Decline In Shares
Despite this major development, the company shares did not rise up to the occasion, as investors did not exactly pounce to get a piece of the company. In fact, in the past 5 trading sessions alone, the company lost 1.19 per cent or Rs 13.35.
The performance of the company stocks have not been remarkable over the period of the past month either. In the period of the past month, the company has lost 6.44 per cent or Rs 76.30 of its value.
At Dalal Street Today
When we look at the performance of the company stocks just today, the story was no different. The company shares that opened in the ballpark of Rs 1,120, quickly declined, sinking further as the day progressed. The company shares closed for business for the day at Rs 1,108.65. This came to pass after a decline of 0.65 per cent or Rs 7.20.
