The shares surged over 7 per cent after the company entered into a pact.
New Delhi: Shares of drug firm Pfizer Ltd today surged over 7 per cent after the company entered into a pact with AstraZeneca AB to acquire the 'Neksium' brand in India for Rs 75 crore.
After a positive opening, the stock further went up by 7.15 per cent to Rs 1,785.80 on BSE. At NSE, shares of the company soared 7.33 per cent to Rs 1,788.50. The company is well placed to grow the Neksium brand further through its existing reach, coverage and equity in the gastrointestinal therapy area, Pfizer said in a statement yesterday.
Pfizer Ltd MD S Sridhar said: "The Neksium acquisition is aligned with our stated ambition of portfolio expansion through organic and inorganic growth in our focus therapy areas".
With this acquisition, the company will accelerate growth and strengthen its leadership position in the gastrointestinal (GI) therapy area, he added.