Albert David spurts up

Albert David announced yesterday, a few minutes after market closing that it has entered into an agreement with Zydus Healthcare, the wholly owned subsidiary of Cadila Healthcare for the sale of its brand 'Actibile' with a free and marketable title. It will also give Zydus all business information, know how and the trademarks associated with the brand for the following territories: (i) the Union of India; (ii) Nepal, (iii) South America (excluding Peru and Colombia), (iv) The United States of America; (v) Japan, (vi) South Africa; (vii) the European Union; and (viii) East Europe.

This has been sold for a lump sum consideration of Rs. 55.00 crore.

The transaction was a part of strategic initiative by Albert David and the proceeds front the sale will be invested for growth and expansion of the branded formulation business of the company.

The stock price of Albert David is today on the go – from yesterday’s closing of Rs.293.30, the stock opened higher at Rs.301.50, going up almost 9.5% intra day to Rs.320.90.