Marksans Pharma Ltd. said today that it has entered into a Business Transfer Agreement on July 28, with Kores India Ltd. for sale and transfer of its Active Pharmaceutical Ingredient (API) business
The API business will be sold to Korea India together with the manufacturing facilities located at Kurkumbh near Pune, as per the terms and conditions as set out in the said Business Transfer Agreement.
After hiving off the API business, the company intends to focus more on the international formulation business which has tremendous growth potentials, Marksans Pharma said.
The sale of the API business is pursuant to the resolution passed by the shareholders.