New Delhi: Ahmedabad-based Torrent Pharmaceuticals Ltd has said that it would acquire the India and Nepal businesses of Mumbai-based Unichem Laboratories Ltd for a consideration of approximately Rs. 3600 crore.
The deal is billed among the larger transactions in the domestic pharmaceutical landscape.
This is Torrent Pharma’s second big-ticket acquisition in close to four years, the last being a Rs. 2000 plus crore buy of Elder Pharma’s India and Nepal businesses in December 2013.
On Friday, following their respective board meetings, the two companies jointly said that Torrent was entering into a definitive binding agreement with Unichem that would also bring with it about 3000 people supporting Unichem’s outgoing businesses and its Sikkim plant.
The deal is expected to close by the end of calendar year 2017. The acquisition puts Torrent in the league of top firms in the Indian Pharma Market (IPM), at no.5 according to IMS.