Bajaj Healthcare shares climbed more than 17% after the pharmaceutical company signed a definitive contract agreement with customers in the United Kingdom and the European Union to supply Active Pharmaceutical Ingredients (APIs).

Bajaj Healthcare’s shares hit an intraday low of Rs 320.65, 17.74% higher than its previous closing prices on the National Stock Exchange (NSE). The stock closed 11.20% higher at Rs 357. 

In an exchange filing dated February 28, Bajaj Healthcare announced that it has entered into definitive contract development and manufacturing organisation (CDMO) agreements with esteemed UK/EU-based customers to supply 15 Active Pharmaceutical Ingredients (APIs).  

The APIs include various compounds, including off-patent generics and soon-to-be off-patent molecules. Under the agreement, the company would develop and supply these molecules, manufactured exclusively for its clientele. 

The contract will be facilitated through the company’s R&D and manufacturing facilities in Savli, Vadodara, Gujarat.

Anil Jain, Bajaj Healthcare Joint Managing Director, said that the company would leverage its “expertise and state-of-the-art infrastructure” to enhance the accessibility and affordability of essential medications for patients across the globe.