Marksans Pharma shines on entering into Business Transfer agreement with Tevapharm India
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Marksans Pharma is currently trading at Rs. 48.95, up by 2.30 points or 4.93% from its previous closing of Rs. 46.65 on the BSE.
The scrip opened at Rs. 48.00 and has touched a high and low of Rs. 52.25 and Rs. 48.00 respectively. So far 569240 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 71.30 on 13-Oct-2021 and a 52 week low of Rs. 38.70 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 52.25 and Rs. 45.65 respectively. The current market cap of the company is Rs. 2049.71 crore.
The promoters holding in the company stood at 48.25%, while Institutions and Non-Institutions held 4.98% and 46.77% respectively.
Marksans Pharma has entered into a Business Transfer Agreement with Tevapharm India, to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations in Plot No. A1, Phase 1-A, Verna Industrial Estate, Verna, Goa, India, as a going concern on a slump sale basis. Marksans has agreed to retain the site employees with existing terms of employment. The transaction is in cash consideration and is expected to be finalized by April 1, 2023, subject to the usual closing conditions. Teva's affiliate Watson Pharma will continue to own and operate its other manufacturing site at Verna Industrial Estate, Verna Salcette, Goa, India. Marksans will continue to supply Teva's affiliates for certain products until the end of FY23 as part of the agreement, which can be extended further with mutual agreement.
Through the acquisition, the company plans to double the existing Indian capacity from 8bn units per annum currently. Marksans plans to manufacture tablets, hard and soft gel capsules, ointments, gummies, creams, from the new capacity. It is a scalable capacity to manufacture oral solid dosage forms. The new capacity will be an addition to the three existing manufacturing sites in Southport (UK), Farmingdale (US) and Goa (India). The manufacturing site is spread across 47,597 square meters and has approvals to manufacture products from EU, Health Canada & Japanese Health Authority.
Marksans Pharma together with its subsidiaries operates as an integrated international pharmaceutical company. The company’s business is distribution of pharmaceutical products.
