Strides Arcolab shares up 4% on Sun Pharma deal

Mumbai: Shares of Strides Arcolab rose by 4 percent Monday as it entered into a pact with Sun Pharma to buy from it erstwhile Ranbaxy's two divisions in central nervous system (CNS) segment in India for Rs 165 crore.

The stock gained 3.98 percent to Rs 1,191.50 at the BSE.

On the NSE, shares of Strides went up by 3.49 percent to Rs 1,191.90.

Sun Pharma's scrip gained 0.75 percent to Rs 911.90 but later pared the gains and was trading at Rs 899.50, down 0.62 percent on BSE.

Sun Pharma and Strides have entered into a definitive agreement related to erstwhile Ranbaxy's 'Solus' and 'Solus Care' divisions operating in the CNS segment in India, Strides had said in a statement on Saturday.

The agreement involves transfer of these two marketing divisions, along with employees to Strides for a consideration of Rs 165 crore, it said.