Stock in news: Medicamen Biotech announces entry into domestic markets with its subsidiary

The pharmaceuticals major Medicamen Biotech announced that it is foraying into the domestic business with its subsidiary - Medicamen Life Sciences Private Limited. 

On Monday, the shares of Medicamen Biotech opened at Rs 1,029 per share on NSE and rallied during the early market hours to record an intraday high of Rs 1,045.20. 

Over the last six and twelve months, shares of Medicamen Biotech have surged 40.43% and 83.58% respectively. 

Medicamen Biotech Ltd develops and markets a wide range of branded and generic formulations in the pharmaceutical industry.  

The company is engaged in the manufacturing and marketing of branded and generic pharmaceutical formulations in the overseas as well as domestic markets. It is a manufacturer & supplier of a range of products such as tablets, capsules, ointment, liquid syrup, and dry syrup.  

In a press release, Medicamen Group Chairman Rahul Bishnoi stated, “The vision of the company is to become the most-admired pharmaceutical organisation by offering research & data backed, affordable & quality medicines for Indian population and to start with, the company has entered cardio-vascular and diabetes (CVD) business, which contributes annual revenue of more than Rs 50,000 crore to IPM with a CAGR of 11%.” 

Kamal Pahwa, a pharma veteran with 32 years of experience in the CVD business, and Pramod Sharma of Neelkanth Drugs Pvt Ltd, a leading distribution network in India have joined hands with Medicamen to launch this venture. 

The company has recently commenced its state-of-the-art oncology plant at Haridwar, which is meant for regulated markets like the US and Europe. Earlier this year, the company launched its high-quality oncology products in the domestic market. 

Watch out for this trending biotech stock in the forthcoming trading sessions!