Suven Pharmaceuticals Gains After Contract Manufacturing Firm Acquisition
The Hyderabad-based firm specialises in developing oligonucleotide drugs, nucleic acid building blocks, and drug delivery systems, according to an exchange filing.
Shares of Suven Pharmaceutical Ltd. gained 5% on Friday after it acquired a 100% stake in contract development and manufacturing firm Sapala Organics Pvt.
The Hyderabad-based firm specialises in developing oligonucleotide drugs, nucleic acid building blocks, and drug delivery systems, according to an exchange filing.
"After financial year 2026–27, the company will acquire the balance shareholding through secondary purchase, such that, post consummation, the company will own 100% of the share capital of the target (Sapala Organics) on a fully diluted basis," the company said in the filing.
Shares of the company rose over 5% to trade at Rs 705.00 apiece, before paring gains to trade 3.47% higher at Rs 691.10 apiece as of 10:02 a.m. This compares to a 0.07% rise in the NSE Nifty 50.
The stock has fallen 4.32% year-to-date and 42.35% in the last 12 months. Total traded volume so far today stood at 1.63 times its 30-day average. The relative strength index was at 64.86%.
One analyst tracking the company maintains a 'buy' rating, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 15.8%.
