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| JB Chemicals sells Russia biz to J&J for Rs 939 cr |
| Press Trust of India / New Delhi Jul 15, 2011, 13:53 IST |
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Mumbai-based JB Chemicals & Pharmaceuticals Ltd (JBCPL) today said it has completed a Rs 939 crore deal to sell its over-the-counter business in Russia and CIS countries to Johnson & Johnson arm Cilag GmbH International.
The company has received nearly Rs 738 crore and an agreed portion of consideration in an escrow account, JBCPL said in a filing to the Bombay Stock Exchange (BSE).
"Effective from today, the Russia CIS (Commonwealth of Independent States) OTC business along with OTC brands now vests in Cilag. The company would now supply the acquired products to Cilag for these markets," it said.
The Russian subsidiary of the company has also completed the sale of its OTC business to Johnson and Johnson LLC for $35 million, it added.
The sale to Cilag GmbH International includes the transfer of the worldwide rights and registrations of three OTC brands, Doktor Mom, Rinza and Fitovit, it said.
Cilag GmbH International is a wholly-owned subsidiary of drug major Johnson & Johnson.
"This is a milestone event and a result of stakeholders' faith in the company. We look forward to strengthening and growing our relationship with Johnson and Johnson," JB Chemicals Chairman and Managing Director J B Mody said.
In an earlier filing to the BSE, the company said, "The Russia/CIS (Commonwealth of Independent States) OTC business is being sold as a going concern on a slump sale basis, including trademarks, brand, patents, registrations and domain names."
The sale also included the transfer of the employees of the Russia/CIS OTC business, it had said.
Shares of JB Chemicals were being quoted at Rs 141.55 a piece in afternoon trade on the BSE, up 2.28% from their previous close.
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