India’s Aurobindo Pharma Limited has entered into a definitive agreement with Veritaz to acquire its domestic formulations business for a cash consideration of INR1.71bn ($22.4m). The transaction, which will be in effect from 1 April – and is expected to close by May – includes associated inventory, intellectual property and contracts and is made with no debt liability or cash benefits.
The company expects the acquisition to act as a launch pad to support its business across India, particularly in the biosimilars market
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