Merck to transfer certain businesses to Merck Life Science for 1,052 crore

Merck Ltd today said its board has decided to transfer biopharma, performance materials and life science businesses to group entity Merck Life Science Pvt Ltd for an overall consideration of Rs 1,052 crore.

This is subject to approval of the shareholders of the company and other statutory nods, Merck Ltd said in a filing to the BSE.

The board of the company has resolved to transfer certain businesses of the company, comprising biopharma, performance materials and life science segments to Merck Life Science Private Limited (MLSPL) for an overall consideration of Rs 1,052 crore, it said.

Meanwhile, the company had posted a 53.23 per cent hike in its net profit at Rs 22.71 crore for the quarter ended March 31, 2018, it added.

The company had posted a net profit of Rs 14.82 crore for the corresponding period of the previous fiscal, Merck Ltd said.

The revenue from operations of the compant also rose to Rs 301.16 crore for the quarter under consideration as against Rs 236.92 crore for the same period a year ago.

Shares of Merck Ltd today closed at Rs 1,906.05 per scrip on BSE, up 1.47 per cent from the previous close.