Strides Declines to Comment on Report of Pills Unit Sale
Strides Arcolab Ltd. (STR), an Indian drugmaker, declined to comment on a report that the company may sell its unit that makes generic tablets and capsules.
“We cannot offer any comment,” Chief Financial Officer T.S. Rangan said in an interview today, adding that the company will scale up its speciality injections business. “Obviously when you have to build an injectible business, you have to defocus” on other businesses, Rangan said.
The shares rose as much as 12.4 percent and changed hands at 335.45 rupees, up 10.7 percent, at 1:11 p.m. local time.
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