Claris Lifesciences, India (Claris) has completed the transfer of its infusion business for India and emerging markets to the joint venture (Claris-Otsuka) with Otsuka Pharmaceutical Factory, Japan (OPF) and Mitsui & Co, Japan (Mitsui).
The infusion business includes common solutions, anti-infective, plasma volume expanders and parenteral nutrition therapies for India and emerging markets. Claris has transferred two of its existing plants to the joint venture. Claris will continue to hold a 20 per cent stake in the joint venture while Otsuka and Mitsui will hold 60 per cent and 20 per cent respectively. Claris has received a total cash consideration of Rs 1050 crores as a part of the transaction from Claris-Otsuka. Claris-Otsuka is valued at Rs 1313 crores.
Claris has used a part of the cash consideration towards debt prepayment of around Rs 360 crores, and subject to regulatory approvals it intends to reward shareholders via buyback of shares for which it has allocated Rs 300 crores. The remaining funds net of taxes and deal related expenses will be used to fund future growth of the company.
Claris Lifesciences has 11 ANDAs approved in its name across seven molecules with a total filing of 31 ANDAs across 22 molecules and a pipeline of 20 ANDA to be filed.
According to a release, Claris will remain focused on its speciality generic injectables business and shall intensify its growth in all international markets, especially the regulated markets (including the US) through new product launches. The company will continue to increase its focus on bag products and other niche ‘difficult to manufacture’ products as well as work on fast track growth opportunities via organic (capacity expansion and introduction of new delivery systems) and inorganic (acquire products and ANDAs) routes.
EP News Bureau – Mumbai