Ahmedabad-headquartered Torrent Pharmaceuticals said on Thursday that the company has completed acquisition of branded businesses of Unichem Laboratories Limited for India and Nepal, including its Sikkim manufacturing facility, on a going concern basis by way of slump sale.
The two companies had entered into a definitive binding agreement on November 3, 2017 for the same. The deal is valued at Rs 3,600 crore.
“From today, Torrent begins the integration of the Unichem business following the successful closure of its acquisition. The integration will aim to fuel and support strong growth of the acquired Unichem brands, consolidating speciality reach with a relentless focus on enhancing productivity. The acquisition will accelerate Torrent’s presence in the chronic space especially in the high growth segments of Indian Pharma market like Cardiology, Diabetology and Gastroenterology,” a company statement here said.
Samir Mehta, Chairman, Torrent Pharma said: “Moreover, Unichem brings in an important new platform in Torrent’s sustainable growth strategy by expanding the Company’s presence in the OTC segment. The acquisition of Unichem’s domestic branded business by Torrent Pharma is a major step forward in the company’s growth strategy in consolidating its India Business. Both companies Unichem and Torrent share a long and proud history in the Indian Pharma market with a common business culture, a factor which I believe will immensely aid in the successful integration of the combined business.”
Torrent Pharma shares ended day’s trade at Rs 1,316.3 a share, down 0.72 percent.
Source: Business-Standard 