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Shares of Marksans Pharma surged nearly 10 per cent today as the company has acquired US-based Time-Cap Laboratories for an undisclosed amount.
The stock climbed 9.61 per cent to Rs 64.40 on the BSE. On the NSE, the scrip jumped 9.43 per cent to Rs 64.40.
The acquisition was done through its wholly-owned subsidiary, Marksans Pharma.
With this move, the company is strategically increasing its presence in the US market, the largest pharmaceutical market in the world, Marksans Pharma said in a filing to the BSE.
New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, the filing said
The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.
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