Sun Pharma shares jumped nearly 2 per cent to hit intraday high of Rs 915.30 after the company said that it successfully acquired GSK's opiates facilities in Australia.
Sun Pharma in an announcement said that it acquired GSK's two opiates manufacturing facilities in Port Fairy and Latrobe in Australia.
The opiates expansion allows Sun Pharma to significantly expand its narcotics raw material (NRM) market share. It will enhance opiate alkaloids portfolio and give depth in global opiates market.
Anil Kumar Jain, CEO - API Business, Sun Pharma said, "The successful completion of this acquisition enables us to leverage our unique position in the global opiates business by capitalising our global footprint and global ranking in the specialty generics market."
Opiates are used to manufacture pain killers.
The shares in Sun Pharma ended 0.34 per cent higher at Rs 900.75. The stock was among a few gainers on the the Nifty.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
