Shares of Alkem Laboratories hit a 52-week high of Rs 5,239.95 in the early trade on January 1 after the company completed the sale of one of its units in the US to New Mill Capital Holdings LLC.
At 9:22am, Alkem Laboratories was quoting at Rs 5,216.55, up Rs 23.95, or 0.46 percent, on the BSE.
"This is to inform you that as part of the company’s operational strategy, the operations of the company carried out at the St Louis manufacturing facility situated in the USA owned by S&B Pharma LLC, a step-down subsidiary of the company, are closed. Accordingly, all rights, title and interest in the land, improvements and personal property with respect to the said facility owned by said subsidiary are sold to New Mill Capital Holdings LLC pursuant to the ‘Purchase and Sale Agreement’," Alkem Laboratories said in an exchange filing.
The said unit’s contribution to the company's revenue stood at $3.85 million in the last fiscal year, which was 0.27 percent on a consolidated basis.
The company received a total consideration of $7,960,000.
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The purchase and sale agreement was entered into for sale of the facility subject to satisfactory due diligence on November 15, 2023. On December 1, the company received Form 483 with three observations from USFDA after conducting inspection at the company’s API manufacturing facility located at Mandva from November 27 to December 1.
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