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Alkem Labs share price rises 2% on AbbVie Inc deal

The company said it would own the NDA and associated assets and will use these to commercially exploit both branded and generic sales in the US.

December 31, 2019 / 01:39 PM IST
 
 
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Shares of Alkem Laboratories gained more than 2 percent intraday on December 31 after the company acquired new drug application for drug Marinol (a type of appetite stimulant) from AbbVie.

Alkem Laboratories said it entered into an asset purchase agreement with AbbVie Inc, USA, for the acquisition of certain assets.

Assets, as specified in the agreement, are related to the active pharmaceutical ingredient, Dronabinol which include domain names and trademarks related to Marinol, new drug application registration with USFDA for Marinol, logos, patents etc, company added.

Alkem bought these assets for $10 million-plus suitable working capital adjustments on closing.

The company said it would own the NDA and associated assets and will use these to commercially exploit both branded and generic sales in the US.

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The stock was quoting at Rs 2,022.15, up Rs 32.65, or 1.64 percent on the BSE at 1331 hours IST.
Moneycontrol News
first published: Dec 31, 2019 01:39 pm

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