Aurobindo Pharma has acquired the domestic formulation business of Veritaz on a slump sale basis. With this acquisition, Aurobindo has marked its first step to set its footprint in the Indian domestic market as announced earlier. The transaction, which comes into effect from 1st April, 2022, and is expected to close by May 2022, is agreed at a consideration of Rs 171 crores on debt-free cash-free basis, Aurobindo Pharma notified via a statement yesterday.
This acquisition vehicle will help Aurobindo as a launch pad for marketing biosimilar and other products in India, the statement added.
It also said that Veritaz is a 10+ years old company with an audited turnover of Rs 133 crores for the period of nine months ended December 2021, and it had a turnover of Rs 127 crores for the full year FY 21. Its current product portfolio operates in an addressable market of Rs 26,775 crores. Currently, it caters to anti-infective and pain-management therapeutic areas, and has a pipeline of products to enter into the cardio/diabetic and ortho/gyneacology segments, concluded the statement.