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Aurobindo Pharma’s Cronus rethink is positive, but it needs to do more

Aurobindo Pharma terminated an agreement to acquire a majority stake in Cronus Pharma after the proposal stoked capital allocation concerns

August 24, 2021 / 09:30 AM IST
Aurobindo Pharma’s Cronus rethink is positive, but it needs to do more

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Shares of Aurobindo Pharma gained in Monday trading after it decided to terminate an agreement to acquire a majority stake in Cronus Pharma. The acquisition proposal along with the company's weak June quarter results riled investors. The stock lost a fifth of its value in less than 10 trading days after the announcement of the acquisition. The Rs 420 crore acquisition amounts to less than 8 percent of Aurobindo’s FY21 net earnings and is unlikely to have made a major dent to its finances. However, the...

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