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Chennai, May 5 Serum Institute of India has picked up 6.3 lakh shares of Orchid Chemicals at an average price of Rs 249. It is around 1 per cent stake of Orchid’s March 31, 2008 equity base.

The stock price of Orchid, which had been moving downwards for some days, has again started moving northwards. It closed today at Rs 263 on the NSE, up 3.25 per cent over its previous close.

Serum Institute of India manufactures a range of vaccines. It is not clear whether Serum Institute buys any ingredients for its vaccines from Orchid — a spokesman of Orchid said he was not aware of Serum Institute buying from Orchid.

Asked about Serum’s purchase of shares, he said: “It is an investment, I hope.”

Orchid has been in the news after a company of the Ranbaxy group picked up close to 15 per cent stake in it, triggering fears that a hostile takeover bid may be in the offing.

However, both Ranbaxy and Orchid said they had got into an “alliance” and the threat of any takeover by Ranbaxy was thought to be gone.

It is against this backdrop that the purchase of Orchid’s shares by Serum Institute of India is being watched by market players.

More Stories on : Mergers & Acquisitions | Pharmaceuticals

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