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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".
Ruchika Sharma joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751