Aurobindo Pharma acquires domestic formulations biz of Veritaz Healthcare

The transaction comes into effect on April 1, 2022, and is expected to close by May 2022 Aurobindo announced the acquisition of the domestic formulation business of Veritaz on a slump sale basis. With this acquisition, Aurobindo is marked its first step to set its footprint in the Indian domestic market as announced earlier. The transaction is agreed upon at a consideration of Rs 171 crore on a debt-free cash-free basis. The transaction comes into effect on April 1, 2022, and is expected to close by May 2022. This acquisition vehicle will greatly help Aurobindo as a launchpad for marketing biosimilar and other products in India. K Nithyananda Reddy, MD, Aurobindo Pharma said: “I am pleased to announce 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."