Mumbai: Shares of Alembic Pharmaceuticals Ltd (APL) on Thursday surged over 8 per cent after the company entered into a joint venture with Orbicular Pharmaceutical to develop, manufacture and commercialise dermatology products for global markets.
The stock climbed 8.14 per cent to Rs 618 on BSE. At NSE, it zoomed 8 per cent to Rs 618.25. APL on Thursday informed BSE it has entered into a joint venture with Orbicular Pharmaceutical Technologies and Dr M S Mohan.
"APL and Orbicular will own 60 per cent and 40 per cent of the equity capital of Aleor when the transaction is completed," the Vadodara-based company said in a BSE filing.
It further said: "The joint venture agreement has standard terms including transfer of employees, financing and borrowing, management functioning, restriction on transfer of shares, non-compete, non-solicitation and termination events and consequences."
Mohan is one of the founders of Orbicular Pharmaceutical Technologies.
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