• Tuesday, Mar 31, 2020
  • Last Update : 12:21 am

Square Pharma to set up subsidiary company

  • Published at 12:22 am February 19th, 2020
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The estimated cost for the new project is Tk350 crore to be financed with Square’s own fund

Square Pharmaceuticals, one of the renowned listed drug makers, on Tuesday announced that it would establish a subsidiary company — Square Lifesciences Ltd — to manufacture oral solid dosage products.

The estimated cost for the new project is Tk350 crore to be financed with Square’s own fund. 

According to an announcement on Dhaka Stock Exchange (DSE) website, the company also declared that the new company would come into operation by June 2023. 

Meanwhile, the share prices of another two listed pharma companies - Orion Pharmaceuticals and Orion Infusions - have been soaring for days despite no undisclosed price sensitive information.

In the last 12 trading days, share price of Orion Pharmaceuticals jumped about 60% to close at Tk43.90 on Tuesday. The company’s share price was Tk27.50 on February 2.

Following the ‘abnormal’ price hike, Orion urged investors to take investment decisions based on company fundamentals, technical analysis, and avoid rumor-based speculations.