Aurobindo Seeks To Boost India Business With Veritaz Acquisition

Indian Pharma Firm Has Paid INR1.71bn For Domestic Formulations Business

 
• By Chloe Kent
  
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Aurobindo is looking to grow its business in India by acquiring Veritaz’s domestic formulations operations in a $22.4m slump sale.

Indian national flag with dollar bills
Aurobindo's India business currently contributes to 12% of its revenue • Source: Alamy

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...

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