Shares of SeQuent Scientific surged 15% to Rs 71.51 on the BSE in intraday trade on Thursday after the company terminated a share purchase agreement to acquire a 100% stake in Tineta Pharma.

However, the stock has fallen 25% over the past three months, compared with a 3% drop in the Sensex and underperformed the broader market. It touched a multi-year low of Rs 61.80 on Wednesday, March 8, 2023.

In November 2022, SeQuent announced the acquisition of Tineta Pharma for Rs 218 crore, but the deal has yet to materialise.

As a result, the company will not acquire Tineta, and the share purchase agreement between the company and Tineta and its promoters, dated November 7, 2022, will be terminated, SeQuent said in an exchange filing.

The stock was quoted 14% higher at Rs 70.87 at 11:32 am, while the S&P BSE Sensex fell 0.17%. The average trade volume on the counter jumped more than 10 times today. A total of 9.7 million shares changed hands on the NSE and BSE, representing 3.9% of SeQuent’s total share capital.

SeQuent is India’s largest global animal health company, ranked in the “Top 20”, backed by global investment firm “The Carlyle Group” as a sponsor.

The company had an annual revenue of Rs 1,413 crore in FY22, of which more than two-thirds came from the regulated market. SeQuent conducts business globally through its principal operating company, Alivira Animal Health Limited (Alivira). The company has nine manufacturing plants in Europe, Turkey, Brazil and India. The Vizag plant is India’s only dedicated veterinary API plant approved by the USFDA.