AstraZeneca shares tank 11% on termination notice for Meronem

 PTI   New Delhi     Last Updated: August 26, 2016  | 08:13 IST
AstraZeneca shares tank 11% on termination notice for Meronem
Photo: Reuters

AstraZeneca Pharma stock plunged almost 11 per cent in trade on Thursday as it will stop selling anti-bacterial drug Meronem in India following a global deal by its UK parent to sell its small molecule antibiotics business to Pfizer Inc.

The scrip tanked 7.93 per cent to Rs 1,050 on BSE.

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Meronem is anti-bacterial used for the treatment of serious infections in hospitalised patients.

The company has received a notice from AstraZeneca UK for termination of distribution arrangements for Meronem in India, AstraZeneca Pharma India said in a regulatory filing yesterday.

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"The current distribution arrangement for Meronem in India will terminate in six months," it added.

This is a result of a global agreement by AstraZeneca PLC to sell the development and commercialisation rights to Pfizer Inc of its late stage small molecule antibiotics business, it said.

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