Aurobindo Pharma raising up to $350M through QIP

Hyderabad-based drugmaker Aurobindo Pharma Ltd has received its board approval to raise up to $350 million through qualified institutional placement (QIP), as per a stock market disclosure.

The company, however, did not disclose the purpose of raising funds and the time frame for the same.

It has been increasing its API portfolio and active in acquiring firms in the country.

Earlier this week, Aurobindo Pharma completed the acquisition of American nutritional supplement maker, Natrol Inc, and other affiliate entities through its wholly owned subsidiary Aurobindo Pharma USA Inc.

The Aurobindo Pharma arm had emerged as the highest and best bidder to acquire assets of Natrol under the auction process by the United States Bankruptcy Court for the District of Delaware. It bid $132.5 million (Rs 815 crore) to buy Natrol, which is under bankruptcy protection.

In June this year, the drugmaker also got approval from US Food and Drug Administration (USFDA) to market the generic version of AbbVie Inc's Depakote ER extended-release tablets, used for treating mental illness, in the American market.

For the September quarter, Aurobindo Pharma's consolidated net profit grew 58.4 per cent to Rs 372.18 crore, while its net sales increased 50.8 per cent to Rs 2862.19 crore from the same period a year ago.

(Edited by Joby Puthuparampil Johnson)

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