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Solara Active Pharma extends gains, rallies 12% on merger with Aurore Life

Shares of Solara Active Pharma moved higher by 12 per cent to Rs 1,529 on the BSE in the intra-day trade on Monday after the company said it has approved the amalgamation with Aurore Life Sciences (Aurore), Empyrean and Hydra in an all-stock transaction. The stock was trading higher for the fourth straight day, and has rallied 16 per cent during the period. It hit a 52-week high of Rs 1,625 on February 12.
Solara is engaged in the business of manufacturing and development of Active Pharmaceutical Ingredients (API) and also offers Contract Manufacturing and Development Services (CMDS) to the global companies. Aurore Life Science, meanwhile, is engaged in the business of developing wide range of generic pharmaceutical products.

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