Elder completes domestic formulations biz sales transaction
Jun 30 2014 , New Delhi
"This transaction was in pursuance of the Business Transfer Agreement entered into between Elder and Torrent on December 13, 2013," Elder Pharmaceuticals said in a filing to BSE.
On December 13 last year, Torrent Pharmaceuticals had agreed to acquire the branded formulation business of Elder Pharmaceuticals in India and Nepal for Rs 2,000 crore to boost its presence in segments such as women's healthcare and pain management.
The deal also involved the transfer of Elder's domestic business employees to Torrent. Elder was to continue to make and supply products at its existing facilities for Torrent for three years.
Shares of Elder Pharmaceuticals were today trading at Rs 217.20 per scrip in the afternoon trade on BSE, up 2.26 per cent from its previous close.