New Delhi: Shares of drug firm Pfizer Ltd on Thursday surged over 7% after the company entered into a pact with AstraZeneca AB to acquire the ‘Neksium’ brand in India for 75 crore.

After a positive opening, the stock further went up by 7.15% to Rs1,785.80 on BSE. At NSE, shares of the company soared 7.33% to Rs1,788.50.

The scrip, however, pared some of the early gains and closed at Rs1,712.45, up 2.75%. At NSE, Pfizer shares closed at Rs1,715, up 2.93% from the previous session’s closing.

The company is well placed to grow the Neksium brand further through its existing reach, coverage and equity in the gastrointestinal therapy area, Pfizer said in a statement on Wednesday.

Pfizer Ltd managing director S. Sridhar said: “The Neksium acquisition is aligned with our stated ambition of portfolio expansion through organic and inorganic growth in our focus therapy areas". With this acquisition, the company will accelerate growth and strengthen its leadership position in the gastrointestinal therapy area, he added.