Orchid Pharma shares hit a fresh life-time high on Wednesday after the Chennai-based drug marker announced signing of a technology transfer agreement with a multinational biotechnology firm for one of its projects.

On Tuesday, Orchid Pharma announced that it has entered into a technology transfer agreement with a leading multinational biotechnology company for its fermentation-based ‘7ACA project’ under the production-linked incentive (PLI) scheme. The name of the biotechnology firm and other terms of the agreement were not disclosed. 7-ACA (7-aminocephalosporanic acid) is the core chemical structure used for the synthesis of cephalosporin antibiotics and intermediates. 

Shares of Orchid Pharma hit a 52-week high ₹525 on intra-day on NSE against the previous day’s closing price of ₹501.40. The stocks closed at ₹520, 4 per cent higher than Tuesday’s closing price.