Strides Pharma Science share price climb 4%, Macquarie keeps 'outperform' rating

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The share price of Strides Pharma Science climbed more than 4 percent in the morning trade on BSE on August 10.

The stock has been under pressure this year even as the broader market has clocked double-digit gains.

The stock has lost 22 percent in 2021 against a 14 percent gain in the benchmark Sensex.

The stock witnessed some traction on August 10 after global brokerage firm Macquarie kept an "outperform" rating with a target price of Rs 912.

Macquarie said the bounce-back in the UK business led by the acquired Endo portfolio was positive for the company.

The brokerage firm, however, reduced FY22E, FY23E and FY24E EBITDA by 49 percent, 9 percent and 7 percent, respectively.

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Strides Pharma Science on August 6 said it will acquire Endo International Plc's manufacturing facility at Chestnut Ridge in New York along with a basket of abbreviated new drug applications (ANDAs) for $24 million.

The wholly-owned subsidiaries of Strides Pharma Science have entered into definitive agreements with the subsidiaries of Endo International Plc to carry out the transaction.

Under the terms of the agreement, Strides will pay $24 million for the acquisition, the company said in a regulatory filing.

The company on August 6 reported a consolidated loss of Rs 208.56 crore for the quarter ended June 30, 2021.

The company had posted a net profit of Rs 101.84 crore for the corresponding period of the previous financial year, Strides Pharma Science said in a regulatory filing.

Revenue from operations stood at Rs 688.36 crore for the quarter under consideration. It was Rs 781.79 crore for the same period a year ago, it added.

The stock was 3.97 percent up at Rs 708.20 on BSE at 1105 hours.