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E-mail ID will not be published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

  • RBI must keep a strict vigil on private debt inflows

    A little over a year ago, RBI governor Raghuram Rajan had observed that central banks of the developed world were excessively liberal with printing mo

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

Tushar Gandhi

When too little could mean too late

The calamity in Jammu and Kashmir has once again shown ...

Purnendu Ghosh

Why art and science are natural partners

Art is qualitative and is generally associated with emotions. Science ...

Shona Adhikari

A toast to established and emerging talent

This week, our focus is on upcoming exhibitions in the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture