Adcock Surges to Record as India’s Natco Agrees to Acquire Stake

Adcock Ingram Holdings Ltd. surged the most on record after India’s Natco Pharma Ltd. said it will acquire a stake in the South African drugmaker for about $232 million.

Hyderabad-based Natco is offering 75 rand per share for about 35.75% of stock not already owned by Adcock’s biggest holder, Bidvest Group Ltd., the Johannesburg-based firm said in a statement Wednesday. Adcock will de-list from the Johannesburg Stock Exchange.