Zydus Lifesciences arm Zydus Noveltech dissolves
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.
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.
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.
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