Aurobindo Pharma has announced plans to acquire the remaining 49% stake in GLS Pharma for ₹22.5 crore, making GLS Pharma a wholly-owned subsidiary. The deal involves purchasing the shares at ₹381.12 each, with the transaction expected to be completed by December 2024.
Aurobindo had first bought 51 per cent of GLS Pharma in June 2022 from the promoters, Suresh Pathak and family, and thereafter, the company had a call option to buy outstanding 49 per cent within three to five years of the said agreement. GLS Pharma is an oncology products-focused company engaged in chemotherapy treatments and supportive therapies. It reported sales of ₹32.99 crore in FY24.
This acquisition is in line with Aurobindo’s strategy to enhance its presence within the oncology space in India, thereby adding to the capabilities in the field.
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Source: Moneycontrol
News Desk
