Bangalore-based Wintac Ltd has decided to sell its trademarks and marketing division for the oncology products to Bangalore Pharmaceuticals & Research Laboratory Pvt Ltd, in a related party transaction, for Rs 1.09 crore ($176,300), as per a stock market disclosure.
The divestment aims to completely focus on the core activity of product development and manufacturing business for the regulated export markets, it said.
Oncology division is a small part of the company which recorded a sales of Rs 2.01 crore during the financial year 2013-14. It contributed 6.48 per cent to the total sales turnover of the company.
Founded in 1990, Wintac, a pharmaceutical company, is engaged in manufacturing of small volume and large volume parental and sterile ophthalmic preparations. It develops products in the ophthalmic, injectables and critical care segments. The firm has its manufacturing facility at Nelamangala, Bangalore.
Wintac's scrip was trading at Rs 205 each, down 3.98 per cent on BSE in a strong Mumbai market on Friday at 12.12 PM.
Bangalore Pharmaceuticals and Research Laboratory manufactures pharmaceuticals products like arthnex oil, decazyme liquid, sagarlic pearl, sangfer liquid, beliv liquid and depile ointment.
(Edited by Joby Puthuparampil Johnson)