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 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 website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.