Posted by : Varun Doshi
On : 02 July 2014
Comments : 0
Views : 1344
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 trading at Rs 217.20 per scrip in the afternoon trade on BSE, up 2.26 per cent from its previous close.