Laurus Labs Limited (BSE: 540222, NSE: LAURUSLABS, ISIN: INE947Q01010) has agreed to acquire 100% shares of Phekolong Pharmaceuticals Pty Ltd, a wholly owned subsidiary company of Pharmacare Limited t/a Aspen Pharmacare, South Africa, subject to completion of conditions precedent, by way of cash consideration of ZAR 75,000 (Seventy-five thousand South African Rand).
At the conclusion of the transaction, all residual assets and liabilities that are within the target company immediately prior to completion will be for Pharmacare Limited's account and accordingly all such assets and liabilities will be transferred from the target company to Pharmacare Limited immediately prior to completion.
This transaction will provide Laurus access to the South African public antiretroviral ("ARV") sector, which manages the world's largest public ARV programme. While Aspen will continue to manufacture the finished dose form ARV's for the South African public sector, the supply to this sector will be through Laurus' newly acquired South African subsidiary.
Shares of Laurus Labs Ltd was last trading in BSE at Rs.347.8 as compared to the previous close of Rs. 340.7. The total number of shares traded during the day was 1321 in over 170 trades.
The stock hit an intraday high of Rs. 355.15 and intraday low of 339. The net turnover during the day was Rs. 460154.