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.

EDITORIAL OF THE DAY

  • Scorpene leak has dented the navy’s efforts to beef up its dwindling fleet

    Defence deals in our country, which is the world’s largest importer of arms and ammunition, always have the potential to turn murky.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan needs more women in high office

Japan does not rank high in international tables, when it ...

Jemima Raman

Things one learns on a potter's wheel

As things go, watching a shape emerge from a blob ...

Bubbles Sabharwal

Hold the world in the palm of your hand

There is absolute happiness and relative happiness. The poet John ...