Sequent Scientific Limited is not acquiring Tineta Pharma, and has terminated the earlier agreement between them.
“We refer to our announcement on November 7, 2022, regarding acquisition of 100 per cent stake in Tineta Pharma Private limited by the company, it is hereby informed that the transaction contemplated under the share purchase agreement has not been materialised,” the company told the Bombay Stock Exchange. Sequent stock price soared over 13 per cent following the development, at ₹70.76 on the BSE, on Thursday at 11.26 am.
About a year ago, Sequent had appointed Rajaram Narayanan as Managing Director and Chief Executive Office. He took over from Manish Gupta, who had been at the helm for eight years. Headquartered in Mumbai, Sequent Scientific is among the biggest animal healthcare companies in the country and is backed by global investment firm Carlyle. Mumbai’s Tineta Pharma is a veterinary pharma company, incorporated in 1993.