Granules Pharmaceuticals Inc (GPI), a wholly-owned arm of Granules India Ltd, will be acquiring 12.5 per cent stake in the US-based USpharma.

GPI has entered into an agreement with USpharma in this regard, Hyderabad-based Granules India said in a release issued here on Thursday.

"The agreement with USpharma complements our internal product development programme and expands our product portfolio. The successful development of limited competition products by USpharma provides further long-term growth for the company,’’ Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India, said.

It will also enable Granules to participate in the product selection and have the right of first refusal to market select products which are under development by USpharma.

USpharma is a development-stage pharmaceutical company specialising in research, development and manufacture of high entry-barrier generic pharmaceuticals, including controlled release, controlled substance and patent-change products.

Granules’ scrip was trading up by 2.37 per cent at Rs 148.80 on the BSE.

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