Stocks

Unichem Labs jumps on report of sale plans

| Updated on: Oct 12, 2015

Shares of Unichem Laboratories Ltd, a mid-sized Indian drugmaker, today jumped as much as 3 per cent to Rs 315.75.

The drugmaker is exploring the sale of its domestic formulations business, and its proposal “is being studied’’ by private equity firms and strategic investors, a media report said, citing unnamed sources.

Potential suitors could include Teva Pharmaceuticals Ltd , Mylan Inc, Abbott Laboratories Ltd, Sanofi PA, and Pfizer Inc, the report said, citing sources.

Unichem’s Managing Director Prakash Mody denied the report on local television channel CNBC-TV18 on Monday, and said the company had no plans to sell a stake.

The company did not immediately respond to a request for comment by Reuters.

Published on January 22, 2018

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