Aurobindo Pharma said in a regulatory filing on March 28 that it has acquired Veritaz Healthcare’s business and certain assets for a cash consideration of Rs 171 crore.
“On a debt-free cash-free basis, the transaction will be valued at Rs 171 crore. The agreement takes effect on April 1, 2022, and is expected to be completed by May of that year “In a statement, Sri Aurobindo said.
Veritaz, for example, distributes branded generic formulations and other healthcare items in India. The company’s sales and distribution network include roughly 50,000 shops in 23 locations, according to the statement.
Aurobindo notified the stock exchanges that the business achieved a turnover of Rs 1270.2 million in FY21, representing a CAGR of 3.4 percent over the preceding three years, as well as a revenue of Rs 1331.8 million, representing a 4.9 percent increase, for FY22 (up to December 2021).
The acquisition of Veritaz, according to Aurobindo, will “greatly assist us as a launchpad” for marketing biosimilars and other pharmaceuticals in India.
“Aurobindo is positioned to establish its footprint in the Indian domestic formulations market, as previously indicated,” the company said.
