Fermenta Biotech surges on signing agreement with Aurigene Pharmaceutical Services
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Fermenta Biotech is currently trading at Rs. 297.40, up by 7.50 points or 2.59% from its previous closing of Rs. 289.90 on the BSE.
The scrip opened at Rs. 293.00 and has touched a high and low of Rs. 304.00 and Rs. 293.00 respectively. So far 4550 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 5 has touched a 52 week high of Rs. 370.00 on 29-Jun-2021 and a 52 week low of Rs. 249.00 on 31-Mar-2021.
Last one week high and low of the scrip stood at Rs. 304.40 and Rs. 287.00 respectively. The current market cap of the company is Rs. 853.20 crore.
The promoters holding in the company stood at 59.44%, while Institutions and Non-Institutions held 0.01% and 40.55% respectively.
Fermenta Biotech (FBL) has signed a definitive agreement with Aurigene Pharmaceutical Services (APSL), a stepdown subsidiary of Dr Reddy’s Laboratories (DRL). In this arrangement, FBL will exclusively license its proprietary biocatalytic technology for synthesis of Molnupiravir and supply its enzyme Candida Antarctica B Lipase (CAL B) to APSL, and APSL will exclusively procure the enzyme from FBL.
Molnupiravir API manufactured by APSL will be utilized by DRL for its formulation. Additionally, APSL can also supply the API manufactured through this technology to other formulators of Molnupiravir, a COVID-19 drug that has recently received emergency use approval from the Food and Drugs Authority and Drugs Controller General of India.
Fermenta Biotech (formerly known as DIL) is engaged in the business of research support services through their subsidiary Research Support International Ltd. (RSIL), manufacture and marketing of enzymes and chemicals through their subsidiary Fermenta Biotech (FBL).
