Shares of Bajaj Healthcare jumped close to 5 percent on September 23 after the company announced an agreement with an undisclosed European entity for active pharmaceutical ingredient (API).
At 12:25 pm, the stock was trading at Rs 395.3 on the National Stock Exchange, up 4.74 percent from the previous close.
The company is entering into a development and supply agreement for APIs with the European entity. After its development, API will be supplied in smaller quantities and be used by the EU partner to carry out clinical trials for an alternative indication, the company said in an exchange filing.
“The trust reposed in our company by the EU partner for sourcing clinical trial quantities is a testimony of the company’s development and manufacturing capabilities along with the good manufacturing practices (GMP) compliance at its manufacturing units,” the filing said.
The company will supply API from its FDA-approved manufacturing facility situated at Savli in Gujarat's Vadodara based on the outcome of the trials, the statement added.
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