Shares of SeQuent Scientific Ltd. rallied more than 14 percent on Thursday after the leading animal healthcare company announced that it has terminated an agreement to acquire 100 percent stake in Tineta Pharma Pvt. Ltd.

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The company informed bourses that its deal with Tineta Pharma for the acquisition of 100 percent stake has not materialised.

SeQuent will not acquire Tineta and the share purchase agreement signed with Tineta and its promoters on November 7, 2022, stands terminated, SeQuent said.

The company in November had announced entering into a definitive agreement to acquire a 100 percent stake in Tineta Pharma, which specialises in the livestock segment, for an enterprise value of Rs 218 crore in a cash and stock deal.

SeQuent had proposed to pay Rs 153 crore in cash and a preferential allotment of its equity shares worth Rs 65 crore.

The acquisition was aimed at scaling up the company's India operations.

SeQuent is an integrated pharmaceutical company operating in the domains of animal health (API and formulation). It has branded its animal health business as Alivira Animal Health which caters to the requirements of products for livestock, poultry and companion animals.

Shares of SeQuent Scientific are rebounding from their 52-week low that they hit on Wednesday. The stock is trading 14 percent higher at Rs 71.3.

(Edited by : Rukmani Krishna)