Shilpa Medicare share price gained 2 percent in early trade on November 3 after the company acquired Pilnova Pharma Inc in the United States, which will now be a wholly owned subsidiary.
At 09:44 hrs Shilpa Medicare was quoting at Rs 357, up Rs 8.20, or 2.35 percent on the BSE.
The acquisition of the shares will be done at par value of USD 1 per share and the transaction will be completed by November 15. The acquisition will help company establish a front end presence in the US market with an objective to capture the full potential of its niche portfolios.
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In Septemebr, the UK healthcare products regulatory agency allowed the company to market a Meniere’s syndrome drug.
The company also successfully completed an inspection by the Japanese regulatory agency.
The company's subsidiary Shilpa Pharma Lifesciences' active pharmaceutical ingredient manufacturing facility at Raichur, Karnataka underwent a good manufacturing practice (GMP) inspection by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA).
The share touched a 52-week high of Rs 384.70 and a 52-week low of Rs 222.40 on 31 August, 2023 and 28 March, 2023, respectively.
Currently, the stock is trading 7.2 percent below its 52-week high and 60.52 percent above its 52-week low.
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