NEWS

Marksans Pharma Surges 10% on Acquisition of US-Based Time-Cap

Tuesday, Jun 30, 2015

Marksans Pharma shares rose over 9 per cent to touch an intraday high of Rs 64.40 on Tuesday after the company said that it has acquired US-based Time-Cap Laboratories for an undisclosed amount..

The acquisition was done through its wholly-owned subsidiary, Marksans Pharma.

With this move, the company is strategically increasing its presence in the US market, the largest pharmaceutical market in the world, Marksans Pharma said in a filing to the BSE.

New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, it said.

The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.

Time-Cap's average annual revenue over the past four years is in excess of $30 million per annum, and it achieved an average annual adjusted EBITDA of approximately $4 million, it said, adding that the company currently has no debt.

As of 11:07 a.m., shares in Marksans Pharma were trading over 7 per cent higher at Rs 63.20 apiece on the BSE.

 

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