Zydus Lifesciences arm Zydus Noveltech dissolves

Published On 2023-12-19 10:03 GMT   |   Update On 2023-12-21 05:40 GMT
Advertisement

Ahmedabad: Zydus Lifesciences has announced that Zydus Noveltech Inc., USA, (ZNI) a wholly owned subsidiary of the Company, incorporated in New Jersey, has been dissolved w.e.f. December 15, 2023 pursuant to certificate of dissolution dated December 17, 2023.

ZNI had nil operating revenue and a net worth of Rs 10 crore as of March 31, 2023.

As per the Company, ZNI has voluntarily closed its business operations in view of the fact that it had only one product commercialized in the US market through its associate, which was not generating any meaningful revenue and margins due to its limited scale.

Advertisement

Also, ZNI has been incurring losses as the Company could not launch any other products in the US market and utilize the services of ZNI, which could have made operations commercially viable. 

"ZNI was not a material subsidiary of the Company and did not have any business activity at the time of dissolution. Dissolution of ZNI will not affect the business operations of the Company," Zydus stated in a BSE filing.

Formerly known as Cadila Healthcare Limited, Zydus Lifesciences Limited is an Indian multinational pharmaceutical company headquartered in Ahmedabad. The company is primarily engaged in the production of generic drugs. Cadila was founded in 1952 by Ramanbhai Patel.

Read also: Seizure drug: Zydus Lifesciences gets USFDA approval for Lacosamide tablets

Tags:    

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.

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

Similar News