Marksans Pharma block deals: OrbiMed sells 2.27% stake for ₹257 crore; check details

According to the block deal data available on the NSE, OrbiMed, through its arm OrbiMed Asia IV Mauritius FVCI, sold more than 1.02 crore equity shares, or a 2.27% stake, in Marksans Pharma.

The shares were disposed of at an average price of ₹249.95 apiece, taking the combined deal value to ₹256.78 crore.

After the stake sale, OrbiMed Asia IV Mauritius FVCI's holding in Marksans Pharma slipped to 8.61% from 10.88%.

Meanwhile, Citigroup Global Markets Singapore, Societe Generale, Bandhan Mutual Fund, UTI Mutual Fund, Chennai-based Unifi Capital and Subhkam Ventures I were among the buyers of Marksans Pharma shares, as per the data on the National Stock Exchange (NSE).

The shares of Marksans Pharma ended 5.62% higher at ₹264 apiece on the NSE.

About Marksans Pharma

Marksans Pharma is headquartered in Mumbai. The company is engaged in research, manufacturing & marketing of generic pharmaceutical formulations in the global markets. The company's manufacturing facilities located in India, the USA and the UK are approved by several leading regulatory agencies, including the US FDA, UK MHRA and Australian TGA.

The company's robust product portfolio spreads over major therapeutic segments of CVS, CNS, anti-diabetic, pain management, gastroenterological and antiallergies. The company is marketing these products globally.

Marksans Pharma: Recent updates

On May 30, the pharma company announced that its wholly owned subsidiary Relonchem Limited has received marketing authorisation for the product Metformin Hydrochloride 500 mg/5 ml Oral Solution from the UK Medicines & Healthcare Products Regulatory Agency. According to reports, the drug is used to treat patients with type 2 diabetes.