Elder completes domestic formulations biz sales transaction

Tags: Companies
Drug firm Elder Pharmaceuticals has completed the transaction for sale and transfer of it's branded domestic formulations business in India and Nepal to Torrent Pharmaceuticals on a slump sale basis.

"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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Need to rein in profligate promoters in low margin airline business

    With the media and industry searchlight trained hard on SpiceJet, it is easy to forget that it may be, at worst, a symptom, not the real malaise itsel

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture