Hikal signs a 10-year multi product deal with a leading global pharmaceutical innovator company

Hikal Ltd., a preferred long-term partner for leading global life sciences companies, today announced that they have signed multi-year contract with a leading global pharmaceutical company. This contract entails the development and supply of a portfolio of niche APIs over a period of 10 years. The development will start this year and commercial supplies will commence post successful development and plant commercialisation estimated to be in FY 2024 onwards. With this deal, Hikal is entering into a niche area of chemistry and products thereby bolstering its Animal Health vertical. Hikal and its customer will be jointly investing at its Panoli, Gujarat site to setup a multipurpose manufacturing asset for manufacturing of these API's.

Commenting on this development, Mr. Sameer Hiremath, CEO, Hikal said, "We are very excited to be working with one of the leading global innovator pharmaceutical companies who have entrusted us to supply them with a strategic portfolio of APIs. We worked very closely with our customer to provide them a sustainable long-term competitive solution for their product portfolio from early-stage development to commercial supply. Hikal and our customer will be partnering in setting up a manufacturing facility to maintain security of supplies for the next ten years. We are seeing multiple opportunities from several new and existing customers who are looking to diversify and de-risk their existing supply chain."

Shares of HIKAL LTD. was last trading in BSE at Rs.285.15 as compared to the previous close of Rs. 280.9. The total number of shares traded during the day was 117251 in over 3048 trades.

The stock hit an intraday high of Rs. 290.95 and intraday low of 274. The net turnover during the day was Rs. 33189984.

Source : Equity Bulls

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