Aurobindo Pharma board approves to transfer Biosimilars biz for Rs361.46 cr

Aurobindo will transfer its Biosimilars business to another wholly-owned subsidiary CuraTeQ Biologics.

Jun 04, 2020 12:06 IST India Infoline News Service

During March 2020 (Q4FY20) result announcement, Aurobindo Pharma's board members approved its proposal to transfer Biosimilars and its related Research & Development and manufacturing facilities. Aurobindo will transfer its Biosimilars business to another wholly-owned subsidiary CuraTeQ Biologics for a cash consideration of Rs361.46 cr.

In a statement, Aurobindo said, "Transfer of the Business Undertaking will be done for consideration of Rs361.46 crores, subject to adjustments as prescribed in the business transfer agreement, which will be discharged by CuraTeQ in cash."

This transaction is being undertaken between holding company and its wholly-owned subsidiary and accordingly Aurobindo says, "there is no impact on a consolidated basis."

Further, Aurobindo says, "The business transfer shall be complete upon satisfaction of customary conditions precedents such as obtaining necessary corporate approvals, transfer of employees, contracts, transfer of immovable properties, transition/ novation of licenses and approvals including approvals from the Department of Scientific and Industrial Research (DSIR) etc."

CuraTeO was incorporated by Aurobindo on April 25, 2020, to carry the business of Research and Development in recombinant biologics product development, especially in areas of biosimilars Drug Substance development, proteins formulations etc. and commercialisation of products of its own or third party.

As of March 2020, Aurobindo has a turnover of Rs13,266.48cr. 

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