Aurobindo Pharma climbs 2% on new product acquisition

NEW DELHI: Shares of Aurobindo Pharma climbed almost 2 per cent in Tuesday's session after the company said it completed the acquisition of seven marketed oncology injectable products from Spectrum Pharmaceuticals Inc.

Aurobindo Pharma, in a BSE filing, on Saturday said that it had completed the acquisition of seven marketed oncology injectable products, intellectual property and commercial infrastructure from Spectrum Pharmaceuticals Inc, a US-based global branded oncology company by Acrotech Biopharma.

This was after the company said in January that it intended to acquire a portfolio of seven branded oncology injectable products from Spectrum Pharmaceuticals Inc in a $300 million deal (over Rs 2,100 crore) which includes an upfront cash payment of $160 million.

The company hopes this acquisition will help it to enter the branded oncology market in the US with a range of products which are well recognised in the segment.

The product portfolio is expected to generate a revenue of around $100 million for the first 12 months after completion of the transaction for the company.

Shares of the company traded 1.45 per cent up at Rs 733.85 on BSE around 10:25 am.

(With inputs from PTI)