Claris Life surges over 10% on buzz of injectable business sale

Stocks of Claris Lifesciences surged over 10% today amid reports that Cadila Healthcare has emerged as the front runner to acquire the generic sterile injectables business of the company.

The scrip zoomed 10.43% to settle at Rs 310.30 on the BSE. During the day, it gained 17.79% to Rs 331.

The company's market capitalisation rose by Rs 447.27 crore to Rs 1,980.27 crore.

On the volume front, 25.98 lakh shares of the company changed hands at the BSE.

As per reports, Cadila Healthcare has emerged as front runner to acquire the generic sterile injectables business of Claris Lifesciences (CLL) trumping several domestic and global peers who were also interested in the asset.

Cadila is likely to pay a hefty premium, valuing the company at Rs 3,100-3,400 crore, the reports said.

Clarifying the reports, Claris in a BSE filing said, "As a company policy we do not comment on any market rumour and speculations. The company continues to explore and evaluate inorganic and strategic opportunities in various forms from time to time; however nothing definitive in this regard has happened."

"We will notify the exchanges upon occurrence of any definitive developments in this regard," it said.

Meanwhile, the BSE earlier in the day sought clarification from Claris Lifesciences with reference to reports that Cadila is eyeing Claris arm for Rs 3,400 crore.