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| Piramal completes domestic formulations business sale to Abbott |
| BS Reporter / Mumbai Sep 08, 2010, 13:45 IST |
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Piramal Healthcare informed the exchanges today about the completion of the sale of its domestic formulations business and the manufacturing facility at Baddi, Himachal Pradesh to Abbott. And the company has received the initial consideration amount of Rs 10,271 crore after adjustment.
Piramal will continue to retain custom manufacturing for third party, critical care (including inhalation anesthetics), over-the-counter consumer products, manufacture and supply of active pharmaceutical ingredients, vitamin and fine chemicals, diagnostic medical devices and equipment and clinical research services. Also, the company will continue to pursue 'novel drug discovery' and research carried on by its affiliate company, Piramal Life Sciences.
Commenting on the completion of the deal, Ajay Piramal, chairman, Piramal Group said, "This is an important milestone in Piramal Healthcare's journey. We are happy to see our domestic formulations business that we nurtured for 22 years, now become a part of a value driven company which assumes a leadership position in India."
Post this announcement, Piramal's stock gained Rs 12.60 or 2.47 per cent. Their shares were trading at Rs 523.05 while the Sensex was up 6.52 points.
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