Apells Pharmaceuticals (Apell), which sells a range of drugs, has gained 8% in the last 12 months.
Apell shares are up 9.3% on Wednesday.
Shares of Apell jumped 15% on Tuesday on a report that the Indian government had sanctioned the purchase of Aampax and Apell’s stock.
The stock has climbed in recent months as Apell has raised its dividend from 5.5% to 6.75% on average since October, the company said in a regulatory filing.
In September, the government had also sanctioned the sale of Aripax.
Apell’s shares have gained 18% over the last year and have surged more than 500% since December, the report said.
Aplis is the second-largest pharmaceutical company in India after Anandtech, which owns Apell and is an affiliate of Indian pharmaceutical giant Amgen.
