Alkem Laboratories shares rally 5% post ₹117.8 crore block deal

According to news reports, the block deal, valued at ₹117.8 crore, was carried out at a price of ₹4,956 per share ahead of the market opening on June 25. Details of the buyers and sellers involved in the deal could not be ascertained at the moment.

Shares of Alkem Laboratories closed at ₹5,085, up by 1.58% following corrections from the day's high.

Meanwhile, Alkem Laboratories Ltd, on Tuesday, informed the exchanges that the US FDA has issued an Establishment Inspection Report (EIR) for the company’s manufacturing facility in Baddi, Himachal Pradesh.

The company mentioned that the inspection was conducted earlier this year on March 27. The inspection has been classified as a Voluntary Action Indicated (VAI) and has been closed accordingly

On June 6, the company informed the exchanges that it has agreed to invest ₹30,00,05,156 in the (Pre-Series A) compulsorily convertible preference shares of M/s Haystack Analytics Private Limited.

The pharma giant will acquire 16,654 shares or 7.42% stake in the company through this transaction.

Alkem Laboratories mentioned that the proposed investment is a strategic one to help the company participate in the diagnostic space. It was also meant to leverage Haystack's expertise in advanced genomic data analysis.

The indicative period for completing the acquisition will be on or before July 31, 2024, or such extended period as may be agreed upon.

Alkem Laboratories reported impressive numbers in the financial performance report for the quarter that ended on March 31, 2024. The company posted a 313.9% year-on-year jump in its net profit to ₹293.5 crore for the period under review, from ₹70.9 crore in Q4FY23