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Aurobindo Pharma’s shares has gained 4 per cent to Rs 1,003.75 on the BSE in the intra-day deal on Friday after the drug firm announced the transfer of business undertaking comprised in Unit·4, on a going concern basis, to Eugia Pharma Specialities, a wholly-owned subsidiary of the company. The transfer of the business undertaking will be done for a lump sum consideration of Rs 876 crore.
“The slump sale is proposed with the objectives of integration of Unit 4 along with other units in Eugia Pharma Specialities to improve operational synergy,” Aurobindo Pharma said in an exchange filing.
The company further added: “Due to the specialization of this business and to bring greater focus and attention, the company is carving out the unit to Eugia Pharma Specialities. The proposed slump sale will improve operational efficiency by creating a lean, competitive organisation with focus on faster decision making for expedited growth, with a dedicated management team”.
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The independent entity, Aurobindo Pharma said, with all injectable assets consolidated under it would enable the pursuit of growth opportunities with a self-sustaining capital structure. It will provide flexibility for value creation opportunities including exploration of alliances with focused partners to enhance capabilities/growth prospects in injectables business.
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