Aurobindo sells its Australian subsidiary to a local partner

Aurobindo Pharma Limited (APL) today informed the Bombay Stock Exchange that it has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty Ltd to Eris Pharma Australia Pty Ltd, for an undisclosed sum.

The size is small and immaterial, according to a company official.

Aurobindo will, however, continue to manufacture and supply the products to Eris Pharma for Australia and New Zealand markets over next few years, under an agreement, the company said. This divestment is in line with APL's strategy of focusing on US, EU and key emerging markets. This subsidiary was not contributing any profit to Aurobindo, it said.