To focus on the US, European and emerging markets the company Aurobindo Pharma has divested stake in its Australian subsidiary to Eris Pharma. The amount has not been disclosed by the company.
“Aurobindo Pharma Ltd (APL) has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty Ltd, to Eris Pharma Australia Pty Ltd,” Aurobindo Pharma said in a filing to the BSE.
The company Aurobindo Pharma Ltd will continue to manufacture and supply products to Eris Pharma for Australian and New Zealand markets over the next few years.
“This divestment is in line with APL’s strategy of focusing on the US, the EU and key emerging markets. This subsidiary was not contributing any profit to Aurobindo,” the company said