Lupin shares hit a 52-week high of Rs 1,174.50 during the trading session on the NSE on 12 September, which came a day after the company announced its plans to enter into a business transfer agreement with its subsidiary Lupin Manufacturing Solutions.
Within the transfer agreement, Lupin will move its two active pharmaceutical ingredients manufacturing sites at Visakhapatnam and Dabhasa to its subsidiary.
The company also plans to carve out select R&D operations that include the fermentation at Lupin Research Park, Pune.
The agreement is set to commence in October 2023.
The company expects to get Rs 750-850 crore through this agreement, subject to movement in working capital and other items.
The company specialises in generic and branded formulations, advanced drug delivery systems, and active pharmaceutical ingredients and has 15 manufacturing sites and 7 R&D sites in different parts of the world.
In the company’s quarterly report for the April-June quarter, the company reported a net profit of Rs 453 crore against the net loss of Rs 87 crore it reported in the year-ago quarter, and its revenue from operations saw a 28.6% YoY increase to Rs 4,814 crore for the quarter under review.
At 11:51 am, the shares of Lupin were trading at Rs 1,143.05 or 1.47% above its previous close on NSE.