Aurobindo divests Australian arm to Eris Pharma

Firm says unit was not contributing to its profits

Aurobindo Pharma has divested stake in its Australian subsidiary to Eris Pharma for an undisclosed amount to focus on the US, European and emerging markets.

The unit was not contributing any profit to APL.

"Aurobindo Pharma Ltd (APL) has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty Ltd, to Eris Pharma Australia Pty Ltd," Aurobindo Pharma said in a filing to the BSE.

APL will continue to manufacture and supply products to Eris Pharma for Australian and New Zealand markets over the next few years, it added.

"This divestment is in line with APL's strategy of focusing on the US, the EU and key emerging markets. This subsidiary was not contributing any profit to Aurobindo," the company said.

Aurobindo Pharma currently exports its products to over 125 countries.

The company scrip was trading at Rs 1,336.60, up 0.89 per cent, on the BSE.