Vivimed Labs rises 2% as Spanish arm acquires Hungarian company

Shares of Vivimed Labs added 2.3 percent intraday Wednesday as company acquired Hungarian company, SONEAS.

Vivimed Labs Spain S.L, the parent of UQUIFA S.A, has signed definitive agreements to facilitate the acquisition of SONEAS, company said in release.

The business has been acquired from Lochlomond and Euroventures which are both based out of Hungary.

The acquisition broadens UQUIFA's market offering in the CDMO space by enhancing its ability to now undertake preclinical, phase I, II and III NCE project development.

At 10:54 hrs Vivimed Labs was quoting at Rs 67.40, up Rs 1.40, or 2.12 percent on the BSE.