RPG Life Sciences today announced that it has sold its biotech unit to Intas Pharmaceuticals Limited. The company did not disclose deal size.
"It has been our strategy to focus on our core businesses, and the sale of the biotech unit to Intas Pharmaceuticals will only help us achieve this goal and create value for stakeholders in the long term. The proceeds from this sale will be used to strengthen and expand the existing main business of formulations and improve the overall profitability of RPG Life Sciences in the near future," said C T Renganathan, Managing Director, RPG Life Sciences.
The formulations business contributes about 60 per cent to company's overall sales.
RPG Life Sciences has a portfolio of anti-cancer drugs from its biotech segment and in FY15 the business contributed about Rs 23 crore to the company's total revenue of Rs 243 crore and the business has been facing headwinds because of competition and pricing pressure..
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