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Board of Sanofi India approves sale of Soframycin? and Sofradex? business to Encube

At meeting held on 25 November 2021

November 26, 2021 2:48 IST | capital market
The Board of Sanofi India has decided to enter into a transaction with Encube Ethicals (Encube).The transaction involves a transfer of the Soframycin? and Sofradex?, brands, trademarks and associated technical know-how/manufacturing dossiers (registered IP) to Encube and on fulfilment of this transaction Encube would have the right to exclusively sell and distribute these products in the territories of India and Sri Lanka.

As part of this transaction, Encube has also expressed its willingness to purchase the unregistered IP and product inventory from the Company. This asset sale does not involve transfer of any employees and is not expected to create any disruption in supplies to customers and patients.

The Board has considered the valuation reports issued by Deloitte and BDO on the value of the unregistered IP and product inventory which have been reviewed by the Audit Committee and the Board of the Company and accordingly has approved the transfer of this unregistered IP and product inventory to Encube at its meeting held on 25 November, 2021 for a consideration of approximately Rs. 125 crore, subject to working capital adjustments, if any, as on the Closing Date and on the terms set out in an Asset Purchase Agreement which is to be entered into by the Company and Encube on 1 December, 2021. Completion of the transaction is subject to certain conditions and is expected to close within the next 3 months.

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