Aurobindo Pharma acquires domestic formulation business of Veritaz for Rs 171 crore
New Delhi: Drugmaker, Aurobindo Pharma, has recently announced the acquisition of domestic formulation business of Veritaz on a slump sale basis. The transaction is for consideration of Rs. 171 Cr on debt-free cash-free basis."This acquisition vehicle will greatly help Aurobindo as a launch pad for marketing biosimilar and other products in India," the company said in its recent...
New Delhi: Drugmaker, Aurobindo Pharma, has recently announced the acquisition of domestic formulation business of Veritaz on a slump sale basis. The transaction is for consideration of Rs. 171 Cr on debt-free cash-free basis.
"This acquisition vehicle will greatly help Aurobindo as a launch pad for marketing biosimilar and other products in India," the company said in its recent release.
The transaction comes into effect from 1 st April, 2022 and expected to close by May 2022.
Commenting on the development, Mr. K. Nithyananda Reddy, Managing Director, said: "I am pleased to announce the Aurobindo's entry into the domestic market with this acquisition; with this acquisition we strongly believe that with Aurobindo's ability to build a product portfolio, and with the existing and expanding distribution network of Veritaz we will be able to create a significant footprint in the domestic pharma market over the next few years".
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd