Aurobindo Pharma shares jump after its subsidiary inks deal with Singapore firm
Aurobindo Pharma said on Wednesday that its subsidiary, CuraTeQ, has signed a letter of intent with a Singapore-based company, Merck Sharp & Dohme Singapore Trading Pte. Ltd. and its affiliates, for CMO operations.
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10:16 AM IST
Aurobindo Pharma Share Price: Aurobindo Pharma shares are jumping higher by 1.42 per cent, or Rs 12.75 each, at Rs 912.40 on BSE on Thursday (October 12) after the company announced that its subsidiary, CuraTeQ, has signed a letter of intent with a Singapore-based company.
The stock that closed at Rs 899.65 on Wednesday opened at Rs 916.05 on Thursday before touching the day's high of Rs 922.00.
In a BSE filing on Wednesday, Aurobindo Pharma said, "CuraTeQ Biologics Private Limited (“CuraTeQ”), a wholly owned subsidiary of the company, along with its subsidiary(ies), has been in discussions with Merck Sharp & Dohme Singapore Trading Pte. Ltd. and its affiliates ('MSD') for CMO operations and in this regard, the parties have signed a limited Letter of Intent ('LOI'). The parties under the said LOI intend to conclude the negotiations by March 31, 2024."Merck Sharp & Dohme is involved in addressing some of the world's 'unmet medical needs'.
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