Laurus Labs to acquire subsidiary of ASPEN Pharmacare

"The completion of conditions precedent, by way of cash consideration of ZAR 75,000, the Pharmaceutical company said in a statement here. The acquisition is expected to be completed by the end of November this year," Laurus Labs said in a filing.

New Delhi: Drug firm Laurus Labs Ltd, recently apprised that it has agreed to acquire 100 per cent shares of Phekolong Pharmaceuticals Pty Ltd, a wholly-owned subsidiary company of ASPEN Pharmacare, South Africa.

The completion of conditions precedent, by way of cash consideration of ZAR 75,000, the Pharmaceutical company said in a statement here. The acquisition is expected to be completed by the end of November this year.

At the conclusion of the transaction, all residual assets and liabilities that were within the target company immediately prior to completion would be for Pharmacare Limited's account and accordingly all such assets and liabilities would be transferred from the target company to Pharmacare Limited immediately prior to completion.

This transaction would provide to the Company access to the South African public antiretroviral (ARV) sector, which manages the world's largest public ARV programme while Aspen would continue to manufacture the finished dose form ARV's for the South African public sector, the distribution to this sector would be through the Company's newly acquired South African subsidiary.

Apart from manufacturing Active Pharmaceutical Ingredients (APIs) for anti-retroviral (ARV) and Hepatitis C, Laurus Labs also manufactures APIs in Oncology and other therapeutic areas.

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