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Outcome of board meeting of Vivimed Labs

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Held on 18 May 2017

The Board of Directors of at its meeting held on 18 May 2017 have approved the following -

Incorporation of Vivimed Life Sciences (wholly owned subsidiary) in India.

Incorporation of Vivimed Global Generics (wholly owned subsidiary) in Singapore.

divesting of certain intellectual property rights in and certain pharmaceutical products including USFDA approved ANDAs pertaining to the pharmaceutical manufacturing business of the Company conducted at its facility in Kancheepuram, Tamil Nadu to its wholly owned subsidiary - Vivimed Global Generics and entering into investment agreement whereby Strides Pharma Global will acquire 50% of the issued and paid up capital of Vivimed Global Generics and establishment of a joint venture between and Strides Pharmaceuticals Global in Vivimed Global Generics, primarily to be engaged in the business of research, development, marketing, distributing and commercialisation of pharmaceutical products and formulations in regulated markets.

Sell/ transfer/ hive off and/or dispose to its newly incorporated wholly owned subsidiary - Vivimed Life Sciences, the Company's certain identified assets / undertakings of the company pertaining to the pharmaceutical manufacturing business of the Company conducted at its facility in Kancheepuram, Tamil Nadu and entering into investment agreement whereby Strides Shasun will acquire 50% of the issued and paid up capital of Vivimed Life Sciences and establishment of a joint venture between and Strides Shasun in Vivimed Life Sciences, to primarily manufacture pharmaceutical formulations for the United States market.

The transactions are subject to customary closing conditions and expected to closed by 31 May 2017.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 15:50 IST
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