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Shares of SeQuent Scientific were up 15 per cent at Rs 71.51 on the BSE in Thursday’s intra-day trade on heavy volumes after the company terminated a share purchase agreement to acquire 100 per cent shareholding in Tineta Pharma.
However, in the past three months, the stock has underperformed the market by falling 25 per cent as against a 3 per cent decline in the Sensex. It had hit a multi-year low of Rs 61.80 on Wednesday, March 8, 2023.
In November 2022, SeQuent had announced acquisition of Tineta Pharma for Rs 218 crore but the said transaction has not materialised.
Therefore, the company will not acquire Tineta and the share purchase agreement entered by the company with Tineta and its promoters on November 07, 2022 stands terminated, SeQuent said in an exchange filing.
At 11:32 am; the stock was quoting 14 per cent higher at Rs 70.87 as compared to a 0.17 per cent decline in the S&P BSE Sensex. The average trading volumes on the counter jumped over 10-times today. A combined 9.7 million equity shares representing 3.9 per cent of total equity of SeQuent had changed hands on the NSE and BSE.
SeQuent is India’s largest and amongst the ‘Top 20’ global animal health companies, backed by the global investment firm ‘The Carlyle Group’ as promoter.
The company generated annual revenues of Rs 1,413 crore in FY22 with more than 2/3rd of those revenues coming from regulated markets. SeQuent operates globally through its principal operating company Alivira Animal Health Limited (Alivira). The company has 9 manufacturing facilities across Europe, Turkey, Brazil & India with the Vizag site being India’s only USFDA approved dedicated veterinary API facility.
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First Published: Thu, March 09 2023. 11:52 IST
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