Veritaz Healthcare
Drug manufacturer Aurobindo Pharma on Monday said that it has acquired the domestic formulation business of Veritaz Healthcare for Rs 171 crore. This acquisition is aligned with the firm’s target to strengthen its footprint in the domestic formulation market of India.
Aurobindo said, “The transaction is agreed at a consideration of Rs 171 crore on debt free and cash-free basis. The transaction comes into effect from 1 April 2022 and expected to close by May 2022.” Further it added, “This acquisition will help the drug maker as a launch pad for marketing biosimiliar and other products in India.”
Commenting on the acquisition, K Nithyananda Reddy, Aurobindo Pharma MD said, “I am pleased to announce Aurobindo’s entry into the domestic market with this acquisition. And with the existing and expanding distribution network of Veritaz, we will be able to create a significant foot print in the domestic pharma market over the next few years.”
