CDMO Company's Shares Surge Over 12 Per Cent in Two Trading Sessions; Here’s Why
The company's shares surged 10 per cent to hit the upper circuit at Rs 668.10 on the BSE. This marked the second consecutive session of gains for the stock
Akums Drugs and Pharmaceuticals shares surged 10 per cent to hit the upper circuit at Rs 668.10 on the BSE. This marked the second consecutive session of gains for the stock, following a EUR 200 million (Rs 1,760 crore) partnership with a global pharmaceutical giant to manufacture and supply pharmaceutical formulations for the European market. Over two sessions, the stock has risen 12.16 per cent.
At 3:10 PM, the stock was up 9.99 per cent at Rs 668.10, while the BSE Sensex gained 0.26 per cent to trade at 78,676.29. Akums' market capitalization reached Rs 10,515.49 crore, with a 52-week high and low of Rs 1,174.85 and Rs 527 per share, respectively.
Under the agreement, Akums will receive an upfront payment of EUR 100 million (Rs 880 crore) to fund product development and secure European regulatory approvals for its oral liquid manufacturing facility. The collaboration includes producing multiple SKUs of oral liquid formulations at Akums’ Indian facilities, which the partner company will market across Europe.
This partnership supports Akums’ strategy to expand its presence in Europe and other regulated markets while aligning with the ‘Make in India’ initiative to boost domestic manufacturing for global markets.
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About the Company
Founded in 2004 and headquartered in New Delhi, Akums Drugs is a leading Indian CRAM player specializing in pharmaceuticals and nutraceuticals. With WHO-GMP, USFDA, and EU-certified facilities, Akums collaborates with over 500 global pharmaceutical firms, offering innovative solutions in drug formulations and delivery systems.
Akums IPO was open during July 30, 2024 to August 1, 2024 and it was listed on the stock market on August 6, 2024 at a price of Rs 725.00, which is 6.77 per cent higher than the issue price.
Disclaimer: The article is for informational purposes only and not investment advice.