Sanofi India gains on selling Soframycin, Sofradex biz

Sanofi India rose 1.08% to Rs 8264.70 after the company announced divestment of Soframycin and Sofradex businesses.

November 26, 2021 2:49 IST | capital market
Sanofi India said it will transfer the Soframycin and Sofradex brands, trademarks and associated technical know-how/manufacturing dossiers (registered IP) to Encube Ethicals for about Rs 125 crore.

Following the transaction, Encube would have the right to exclusively sell and distribute these products in the territories of India and Sri Lanka.

The agreement for sale is proposed to be signed on or after 1 December 2021. The sale is expected to be completed in approximately 3 months from signing the asset purchase agreement.

Soframycin and Sofradex are manufactured (through a third-party manufacturing arrangement) and distributed by Sanofi India. The revenue of the company attributable to these brands represented 2.6% of the total sales of the company for the for FY20 and the business contributed 0.2% of the networth of the company as on 31 December 2020.

Sanofi Indias net profit surged 298.64% to Rs 529.80 crore on a 9.88% rise in revenue from operations to Rs 754.50 crore in Q3 September 2021 over Q3 September 2020.

Sanofi India is one of the entities through which Sanofi operates in India. It offers a wide array of medicines for therapy areas such as diabetes, cardiology, thrombosis, central nervous system and anti-histamines. The products manufactured by the company are distributed in India and exported to many developed as well as developing countries.

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