RPG Life Sciences to sell off its biotech unit

To concentrate on expansion of its formulation biz which currently contributes over 60 per cent to the company’s overall sales

RPG Life Sciences (RPGLS), part of the RPG Group, engaged in manufacturing and marketing of pharma products, has announced that the Board of Directors of the company has approved the sale and transfer of its biotech unit, as a going concern on a slump sale basis to Intas Pharmaceuticals.

“It has been our strategy to focus on our core businesses, and the sale of the biotech unit to Intas Pharmaceuticals will only help us achieve this goal and create value for stakeholders in the long term. The proceeds from this sale will be used to strengthen and expand the existing main business of formulations and improve the overall profitability of RPG Life Sciences in the near future,” said CT Renganathan, Managing Director, RPG Life Sciences.

In the past fiscal, RPG Life Sciences’ net sales surged 18 per cent to stand at Rs 274.54 crores with a healthy growth in PAT, which was driven by robust growth in domestic formulations and international business, claims a company release. Reportedly, the formulations business contributes over 60 per cent to the company’s overall sales.