For the purpose of issuing and allocating 4 equity shares of Piramal Pharma (PPL) worth Rs10, each to Piramal Enterprises shareholders for every 1 equity share worth Rs2 each, the record date is set as September 1, 2022.
The brands are associated with diabetes medications.
GLS Pharma has now become the subsidiary of Aurobindo Pharma.
The acquisition will complement Dr. Reddy's U.S. institutional business with limited competition injectable products.
The said acquisition is for a total consideration of Rs28.05 crore.
Shailesh Gadre, Founder of GCV Life was the exclusive advisor for the transaction
Post purchase of shares, the target entity would become a wholly owned subsidiary of SPL.
Alkem Lab, Pfizer, and Divis Lab were also among the top gainers. Cipla, Granules India, and Lupin were trading in the red.
The pharma company paid $99.279 million for the entire transaction.
The consideration for this acquisition is set as an upfront payment plus performance and milestone-based earn-outs over the next four years.
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