Zydus Lifesciences to acquire API biz undertaking of Watson Pharma

Zydus Lifesciences has entered into a Business Transfer Agreement (BTA) for purchase of one of the Business Undertakings of Watson Pharma (Watson) on a going concern basis by way of slump sale, without values being assigned to individual assets and liabilities, on cash-free and debt-free basis at a lump-sum consideration of Rs. 46.77 crore, subject to certain closing date adjustments as provided in the BTA entered into between the Company and Watson, with effect from such date, and in such manner and on the terms and conditions as mentioned in the BTA.

Business Undertaking of Watson is engaged in the business of developing, manufacturing, marketing and sale of Active Pharmaceutical Ingredients (APIs). It comprises of API manufacturing facility at Ambernath, 3 Drug Master Files (DMFs), other assets and liabilities and employees. The undertaking was catering to API requirements of Teva Group and there were no external sale to third parties.

The transaction is expected to close by 31 May 2023.

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