Aurobindo Pharma to acquire balance 49 percent stake in GLS Pharma for Rs 22.5 crores
Aurobindo Pharma has announced that the Company has entered into a binding agreement with GLS Pharma Limited, a subsidiary of the Company (GLS) and its promoters for the acquisition of balance 5,90,361 equity shares of Rs 10/- each (49% of GLS) for a purchase consideration of Rs 22.5 crores.
According to a BSE filing, the Company had acquired 51% shares of GLS Pharma from Mr. Suresh Pathak and his family members, on June 17, 2022, and is now acquiring the balance 49% equity shares of GLS. This acquisition is undertaken to hold the entire ownership of GLS by the Company. GLS will become a wholly owned subsidiary of the Company post the acquisition.
GLS was incorporated on 01/09/2004 and initiated manufacturing in the year 2015. It had a total sales of INR 32.99 crores during FY 23-24, INR 36.08 crores during FY 22-23 and INR 25.84 crores during FY 21-22.
The completion of the acquisition is estimated before December 31, 2024.
Read also: Aurobindo Pharma step-down arm AP facility gets product approval from USFDA
Aurobindo Pharma Limited is an integrated global pharmaceutical company headquartered in Hyderabad, India. The Company develops, manufactures, and commercializes a wide range of generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients globally in over 150 countries.
The company has 29 manufacturing and packaging facilities that are approved by regulatory agencies including USFDA, UK MHRA, EDQM, Japan PMDA, WHO, Health Canada, South Africa MCC, Brazil ANVISA. The Company’s product portfolio is spread over 7 major therapeutic/product areas encompassing CNS, Anti-Retroviral, CVS, Antibiotics, Gastroenterological, Anti-Diabetics and Anti-Allergic, supported by a strong R&D set-up.
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