Claris completes transfer of speciality injectable business

Sterile injectable manufacturer Claris Lifesciences today said it has completed transfer of its Speciality Injectable Business by way of slump sale to its wholly-owned subsidiary Claris Injectables Ltd.
In a BSE filing, Claris Lifesciences said: "It has completed transfer of its Speciality Injectable Business by way of slump sale (as a going concern) to its wholly-owned subsidiary Claris Injectables Ltd."
The company said its Board of Directors on July 4, 2014 had approved the transfer of its Speciality Injectable Business subject to approval of shareholders.
On September 3, shareholders of the company approved the transfer along with all employees, assets and liabilities at a consideration not less than its book value.

"The management team being retained in the company will concentrate on the strategic - business and financial growth and development of all the businesses in the group," the company said.
Claris Lifesciences added that it "will continue to handhold and support the Joint Venture with Otsuka Pharmaceutical Factory and Mitsui & Co Ltd."

In 2012, the Ahmedabad-based drugmaker entered into a JV agreement with two Japanese firms -- Otsuka Pharmaceutical and Mitsui & Co Ltd -- for its injectable business in India and Emerging Markets.
As per the deal, the company transferred common solutions, anti-infective, plasma volume expanders and parenteral nutrition therapies business for India and Emerging Markets to the new JV -- Claris-Otsuka.

The Indian company received Rs 1,050 crore as a part of the transaction from Claris-Otsuka. The joint venture is valued at Rs 1,313 crore.