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Indian-Commodity  :  Equity & Shares  :  Piramal Enterprises rises on inking agreement to acquire Ash Stevens

Piramal Enterprises rises on inking agreement to acquire Ash Stevens (17-Aug-2016)

Piramal Enterprises is currently trading at Rs. 1795.95, up by 15.85 points or 0.89% from its previous closing of Rs. 1780.10 on the BSE.

The scrip opened at Rs. 1810.00 and has touched a high and low of Rs. 1850.00 and Rs. 1791.00 respectively. So far 30,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1850.00 on 17-Aug-2016 and a 52 week low of Rs. 805.00 on 18-Sep-2015.

Last one week high and low of the scrip stood at Rs. 1850.00 and Rs. 1580.05 respectively. The current market cap of the company is Rs. 30,991.00 crore.

The promoters holding in the company stood at 51.58%, while Institutions and Non-Institutions held 30.80% and 17.63% respectively.

Piramal Enterprises (PEL) wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based Contract Development and Manufacturing Organisation ('CDMO'), in an all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over the next six months. This acquisition adds effective molecule manufacturing capabilities to the portfolio of services offered by PEL's Pharma Solutions business. This potential transaction is expected to be completed by end of August.

Ash Stevens has 12 FDA approvals for innovator small molecule APIs and has a pipeline of development products. The Company primarily operates from a FDA approved commercial manufacturing facility located in Riverview, Michigan, USA. The Riverview Facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies.

Piramal Enterprises is an industrial conglomerate company. It operates the businesses of healthcare services, capital management, information management, glass, piramal realty and piramal foundation. It also offers pharma solutions including critical care, imaging, bio-orthopaedics and phytomedicines in healthcare.



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