By Malvika Gurung
Investing.com — The veterinary API manufacturing stock SeQuent Scientific (NS:) rallied 13.8% to Rs 70.95 apiece while writing, after zooming 15.15% in Thursday’s intraday trade and hitting the session’s high at Rs 71.8 per piece, dodging the domestic market’s sentiment as benchmarks and declined up to 0.35%.
The pure-play animal health (API and formulations) company’s shares jumped following its most recent announcement that it will no longer be acquiring Tineta Pharma.
On Nov 7, 2022, the small-cap company informed the bourses of acquiring a 100% stake in Tineta Pharma from the latter’s existing shareholders for a consideration to be discharged partly by cash and partly by the issuance of equity shares via preferential allotment route.
The cost of acquisition was set at Rs 218 crore.
However, Sequent Scientific informed the stock exchanges on Wednesday that the said transaction contemplated under the Share Purchase Agreement (SPA) could not be materialized and has been terminated.
As a result, the company will no longer acquire Tineta.