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Piramal Healthcare drops on takeover news
Shares in Piramal Healthcare ended 11.8 percent lower at 502 rupees on Friday, after an announcement that pharmaceutical major Abbott will acquire Piramal Healthcare’s pharmaceutical solutions business for $3.72 billion.
Piramal Healthcare on Wednesday had denied reports that the founders were selling a stake in the drug maker, pushing its shares down more than 8 percent.
Shares in Piramal, which have a market value of about $2.6 billion, fell as much as 14 percent but pared losses and ended 11.8 percent lower with volumes of over 12 million shares. Abbott India rose 3.7 percent.
For the year, shares in Piramal have given a return of over 30 percent, while Abbott India has given over 40 percent.
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