Last Updated : Dec 18, 2017 12:39 PM IST | Source:

Orchid Pharma locked at 5% upper circuit as Aurobindo, Dr Reddy's in race to buy Co

According to the media report, Aurobindo Pharma and Dr Reddy's Laboratories are the frontrunners to buy out Orchid Pharma.

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Orchid Pharma shares were locked at 5 percent upper circuit on Monday as a media report indicated that two pharma majors are in the race to buy the company.

"Indian drug companies Aurobindo Pharma and Dr Reddy's Laboratories are emerging as the frontrunners to buy out bankrupt Orchid Pharma as they seek to expand their capacities," The Economic Times said in its report.

Orchid Pharma, once a leader in injectibles and manufacturing of some APIs, has been facing a financial crisis with lenders and investors approaching legal fora for a remedy. It was brought under the corporate debt restructuring scheme, initiated during 2013, for the revival of its operations, the report added.

There were pending buy orders of 114,236 shares, with no sellers available.

The share touched its 52-week high Rs 39.70 and 52-week low Rs 16.70 on 18 April, 2017 and 15 September, 2017, respectively.

Currently, it is trading 53.02 percent below its 52-week high and 11.68 percent above its 52-week low.

At 11:20 hrs Orchid Pharma was quoting at Rs 18.65, up Rs 0.85, or 4.78 percent on the BSE.

The share price fell 36 percent in the last 1 year.
First Published on Dec 18, 2017 12:39 pm
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