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Aurobindo Pharma acquires Veritaz formulation business for Rs 171 crore

The transaction comes into effect from April 1, 2022 and is expected to close by May 2022

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Aurobindo Pharma | acquisition

Press Trust of India  |  New Delhi 

Deals, mergers,
Currently, the company caters to anti-infective and pain-management therapeutic areas and has a pipeline of products to enter into other segments, the statement added

Ltd on Monday said it has acquired the domestic formulation business of Veritaz for a consideration of Rs 171 crore on debt-free cash-free basis.

This vehicle will greatly help Aurobindo as a launch pad for marketing biosimilar and other products in India, the company said in a statement.

The transaction comes into effect from April 1, 2022 and is expected to close by May 2022, it added.

"With this we strongly believe that with Aurobindo's ability to build a product portfolio, and with the existing and expanding distribution network of Veritaz, we will be able to create a significant footprint in the domestic pharma market over the next few years," Managing Director K Nithyananda Reddy said.

Veritaz had a turnover of Rs 133 crore for the nine-month period ended December 2021 and it had a turnover of Rs 127 crore for the full year FY21. It has around 40 brands across the acute and critical care segments with a total number of 180 trademarks registered in its name. Its largest brands are Fepanil and Merogram.

Currently, the company caters to anti-infective and pain-management therapeutic areas and has a pipeline of products to enter into other segments, the statement added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, March 28 2022. 20:00 IST
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