Unichem stock opens up 11.7% after sale of domestic formulation business to Torrent Pharma: 6 Nov 2017

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Unichem stock opened up 11.7% on Monday, November 06 2017 after the company announced on the exchanges that it has finalized the sale and transfer of its domestic formulation business in India and Nepal to Torrent Pharma for total consideration of Rs 3,600 Cr. The transferred business will include the portfolio of several brands in India and Nepal, manufacturing facility at Sikkim and employees performing work related to the transferred business.

Post the completion of the transaction, the facilities that will continue to remain with Unichem include Formulations plants (Goa, Ghaziabad, and Badd) and API plants (Roha & Kolhapur, Pithampur, and R&D Complex in Goa).

The company stated that it intends to use the proceeds to grow its international business, increase investments in R&D and rewarding its shareholders which may be via one time higher dividend payment.

Unichem had shown significant improvement in the export formulations business in FY17 aided by an increase in market share of products launched in US market. Most of the company’s facilities are approved by the USFDA and the company can use the proceeds for increasing the number of filling and its presence in the US.

Unichem Laboratories Ltd is currently trading at Rs 321.1, up by Rs 7.8 or 2.49% from its previous closing of Rs 313.3 on the BSE. The scrip opened at Rs 350.25 and has touched a high and low of Rs 350.25 and Rs 317.55 respectively. The current market cap of the company is Rs 2848.5 crore. The stock is currently trading above its 200 DMA.

Torrent Pharmaceuticals Ltd is currently trading at Rs 1336.35, up by Rs 21.05 or 1.6% from its previous closing of Rs 1315.3 on the BSE. The scrip opened at Rs 1349.9 and has touched a high and low of Rs 1365.45 and Rs 1327.95 respectively. The stock is currently trading above its 200 DMA.

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