Aurobindo Pharma Ltd, a Hyderabad-based drugmaker, has sold its entire stake in step-down subsidiary Aurobindo Pharma (Australia) Pty Ltd to Eris Pharma Australia Pty Ltd, according to a stock market disclosure. The deal amount is not disclosed.
The divestment is a part of Aurobindo Pharma's strategy to focus on the US, the EU and key emerging markets and this subsidiary was not contributing any profit to the company.
However, Aurobindo Pharma will continue to manufacture and supply products to Eris Pharma for Australian and New Zealand market over next few years.
Founded in 2009, pharmaceutical company Eris Pharma Australia focuses on developing and marketing healthcare products. Its headquarters is located in Melbourne, Australia and it has presence in the MENA region, CIS countries and Balkans, having regional offices located in Athens, Greece.
Founded in 1986, Aurobindo Pharma manufactures active pharmaceutical ingredients, intermediates and generic formulations. The firm got listed in 1992.
Its scrip was trading at Rs 1338 each, up 1.02 per cent on BSE in a weak Mumbai market on Friday at 2.03 PM.
(Edited by Joby Puthuparampil Johnson)
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