Fresenius Kabi Oncology sells stake in UK arm

Fresenius Kabi Oncology today said it had sold its entire stake in its UK-based subsidiary to Fresenius Kabi AG (Germany).

The company has finalised and executed the share purchase agreement with Fresenius Kabi AG with effect from June 24, 2011, Fresenius Kabi Oncology said in a filing to the Bombay Stock Exchange (BSE).

"In terms of the aforesaid share purchase agreement, company's entire shareholding of 17,14,00,000 equity shares of GBP 0.10 each in Fresenius Kabi Oncology Plc, UK now stands transferred to Fresenius Kabi AG [Germany] at the book value, which is not less than the fair market value," it added.

 

Last month, the company's board had approved a proposal to disinvest Fresenius Kabi Oncology's entire shareholding in Fresenius Kabi Oncology Plc, UK (a wholly-owned subsidiary of - Fresenius Kabi Oncology Limited) to Fresenius Kabi Germany and its affiliates.

"Subsequent to this disinvestment, the company does not have any other subsidiary," it added.

The firm is one of the leading companies in the development and manufacture of generic oncology products in India.

Earlier known as Dabur Pharma, it was rechristened in 2009 as Fresenius Kabi Oncology, following the acquisition of the Delhi-based firm by Singapore-based Fresenius Kabi for around Rs 1,000 crore in 2008.

Shares of Fresenius Kabi Oncology today closed at Rs 125.40 on the BSE, down 1.69% from previous close.