Alembic Pharmaceuticals to acquire 40Percentage stake in Aleor Dermaceuticals

3 Apr 2022 , 01:33 AM

Alembic Pharmaceuticals has entered into Share Purchase Agreement with Orbicular Pharmaceutical Technologies Orbicular joint venture partner in Aleor Dermaceuticals Aleor to acquire the 40Percentage stake held by them in Aleor Pursuant to said acquisition Aleor becomes a wholly owned subsidiary of the Company Further the Board of Directors of the Company at its adjourned meeting held on 29 March 2022 on recommendation of the Audit Committee has also considered and approved the Scheme of Arrangement in the nature of Amalgamation of Aleor Dermaceuticals Transferor Company with Alembic Pharmaceuticals Transferee Company and their respective shareholders under Sections 230 to 232 of the Companies Act 2013 and rules framed thereunder Scheme The Appointed date for the Scheme would be 1 April 2021