Venus Remedies in good health

Venus Remedies is doing well today, currently up 4% at Rs.238, with an intra day high at Rs.244. Its 52-week high stands at Rs.358.05. Volumes have also spiked up over one time.

The stock is strongly in the green, reacting to the announcement it made post market hours about signing an MoU with South African pharma firm, Austell Labs, for exclusively outlicensing its flagship product, Elores. This drug is expected to cater to 40% of the antibacterial market and Venus is projected to generate a cumulative revenue of US$20 million within 5 years of its launch in South Africa.