Aurobindo is pleased to announce the acquisition of domestic formulation business of Veritaz on a slump sale basis. With this acquisition, Aurobindo is marked its 1st step to set its footprint in the Indian Domestic Market as announced earlier. The transaction is agreed at a consideration of Rs. 171 Cr on debt-free cash-free basis. The transaction comes into effect from 1st April, 2022 and expected to close by May 2022. This acquisition vehicle will greatly help Aurobindo as a launch pad for marketing biosimilar and other products in India.
Veritaz is a 10+ years old company with an audited turnover of Rs. 133 Cr for the period of 9 months ended Dec ’21 and it had a turnover of Rs. 127 Cr for the full year FY 21. Its current product portfolio operates in an addressable market of Rs.26,775 Cr which is an exciting space to gain market share and grow our business. The company has around 40 brands across the acute and critical care segments. The total number of trademarks registered in its name is around 180. Its largest brands are Fepanil and Merogram group which clock a revenue of around Rs.31 Cr and Rs.20 Cr up to December 2021 respectively.
Currently the company caters to anti-infective and pain-management therapeutic areas and has a pipeline of products to enter into the Cardio/Diabetic and Ortho/Gynecology segments. The company has an existing sales and distribution network with 900 field force, covering more 50k retailers with nearly 1700 stockiest, presence in 23 cities, reaching out to more than 70000 doctors and empaneled with major hospitals.
Commenting on the development, Mr. K. Nithyananda Reddy, Managing Director, said: “I am pleased to announce the Aurobindo’s entry into the domestic market with this acquisition; with this acquisition we strongly believe that with Aurobindo’s ability to build a product portfolio, and with the existing and expanding distribution network of Veritaz we will be able to create a significant footprint in the domestic pharma market over the next few years”.
About Aurobindo Pharma:
Aurobindo Pharma Limited (www.aurobindo.com), (NSE: AUROPHARMA, BSE: 524804, Reuters: ARBN.NS, Bloomberg: ARBP IN) is an integrated global pharmaceutical company headquartered in Hyderabad, India. The Company develops, manufactures, and commercializes a wide range of generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients globally in over 155 countries.
The company has 27 manufacturing and packaging facilities that are approved by leading regulatory agencies including USFDA, UK MHRA, EDQM, Japan PMDA, WHO, Health Canada, South Africa MCC, Brazil ANVISA. The company’s robust product portfolio is spread over 7 major therapeutic/product areas encompassing CNS, Anti-Retroviral, CVS, Antibiotics, Gastroenterological, Anti-Diabetics and Anti-Allergic, supported by a strong R&D set-up.
This press release contains statements that may constitute “forward looking statements” including and without limitation, statements relating to product characteristics and uses, sales potential and target dates for product launch, implementation of strategic initiatives, and other statements relating to our future business developments and economic performance. While these forward-looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other factors could cause actual developments and results to differ materially from our expectations. The company undertakes no obligation to publicly revise any forward-looking statements to reflect future events or circumstances and will not be held liable for any use of this information.
This article was shared with Prittle Prattle News as a Press Release.
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