Aurobindo Pharma acquires domestic formulations business of Veritaz Healthcare
Hyderabad: Aurobindo Pharma said on Monday that it has acquired the domestic formulation business of Veritaz Healthcare on a slump sale basis. The transaction was agreed at a consideration of Rs 171 crore on a debt-free cash-free basis. The transaction comes into effect from April 1 and is expected to close by May 2022. This […]
Hyderabad: Aurobindo Pharma said on Monday that it has acquired the domestic formulation business of Veritaz Healthcare on a slump sale basis.
The transaction was agreed at a consideration of Rs 171 crore on a debt-free cash-free basis. The transaction comes into effect from April 1 and is expected to close by May 2022.
This acquisition will help Aurobindo market biosimilar and other products in India.
Veritaz is a ten year old company with an audited turnover of Rs 133 crore for the period of 9 months ended December 2021. The company has around 40 brands across acute and critical care segments. It has about 180 trademarks registered in its name. Its largest brands are Fepanil and Merogram group, which clocked revenues of around Rs 31 crore and Rs 20 crore respectively up to December 2021.
Currently, the company caters to anti-infective and pain-management therapeutic areas and has a pipeline of products to enter into the cardio, diabetic, ortho and gynaecology segments.
“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,” said K Nithyananda Reddy, Managing Director, Aurobindo Pharma, in a release.
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