Shilpa Medicare’s Stock Rises 2% as Company Completes Acquisition of US-Based Pilnova Pharma
Shilpa Medicare’s share price saw a 2 percent increase in early trading on November 3, driven by the company’s recent acquisition of Pilnova Pharma Inc in the United States, which is now a wholly-owned subsidiary.
As of 09:44 am, Shilpa Medicare was trading at Rs 357, marking an increase of Rs 8.20 or 2.35 percent on the BSE.
The acquisition of Pilnova Pharma’s shares will be executed at a par value of USD 1 per share, with the transaction expected to be finalized by November 15. This strategic move will enable the company to establish a significant presence in the US market, with the objective of fully harnessing the potential of its niche portfolios.
In September, Shilpa Medicare received approval from the UK healthcare products regulatory agency to market a drug for Meniere’s syndrome. The company also successfully passed an inspection by the Japanese regulatory agency.
Notably, Shilpa Pharma Lifesciences, a subsidiary of Shilpa Medicare, underwent a Good Manufacturing Practice (GMP) inspection by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA) at its active pharmaceutical ingredient manufacturing facility in Raichur, Karnataka.
The company’s shares reached a 52-week high of Rs 384.70 and a 52-week low of Rs 222.40 on August 31, 2023, and March 28, 2023, respectively.
Currently, the stock is trading 7.2 percent below its 52-week high and 60.52 percent above its 52-week low.
