Aurobindo board approves acquisition of Hyacinths Pharma

Aurobindo Pharma today said its board has approved to acquire Andhra Pradesh based Hyacinths Pharma, from its existing shareholders.

"The board has decided to acquire 100% of the equity stake in Hyacinths Pharma, a company incorporated to manufacture active pharmaceutical ingredients (APIs) from the existing shareholders," the company said in a filing to BSE.

The company's board which met today also approved the to acquire 25% stake in Silicon Life Sciences from the existing shareholder, ABS Mercantiles Pvt Ltd, it added.

"Post this acquisition, the equity holding of the company would increase to 100%, thereby making Silicon a wholly owned subsidiary of the company," it said.

The acquisition will help the company consolidate its operations, Aurobindo Pharma said.

The company, however, did not disclose financial details.

The Hyderabad-based firm's board also approved the transfer of injectables business to its wholly-owned subsidiary Curepro Parenterals pursuant to a scheme of arrangement, it added.

Shares of Aurobindo Pharma today closed at Rs 182.75 on the BSE, down 2.19% from its previous close.