New Delhi: AstraZeneca Pharma stock plunged almost 11 per cent on Thursday as it will stop selling anti-bacterial drug Meronem in India following a global deal by its UK parent to sell its small molecule antibiotics business to Pfizer Inc.
The scrip tanked 7.93 per cent to Rs 1,050 on BSE. On NSE, it dipped 10.83 per cent to Rs 1,015.
Meronem is anti-bacterial used for the treatment of serious infections in hospitalised patients.
The company has received a notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India, AstraZeneca Pharma India said in a regulatory filing yesterday.
"The current distribution arrangement for Meronem in India will terminate in six months," it added.
This is a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc of its late stage small molecule antibiotics business, it said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
