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BUSINESS
Claris Lifesciences has completed the sale of its global generic injectables business to US- based Baxter International Inc for USD 625 million.
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Updated : Jul 28, 2017, 02:34 PM IST
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Claris Lifesciences has completed the sale of its global generic injectables business to US- based Baxter International Inc for USD 625 million.
The company said it will now discuss with its advisors and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholders.
The drug firm expects to communicate the process before October 15, 2017, Claris Lifesciences said in a statement today.
"We believe Baxter is the best partner suited to take this platform forward and drive the next phase of growth. I am confident that this is a promising pathway forward for our team, partners and stakeholders," Claris Lifesciences Vice Chairman and MD Arjun Handa said.
In December last year, Claris had entered into a definitive agreement to acquire Claris Injectables, a wholly owned subsidiary of Claris Lifesciences, for around USD 625 million.
Stock of Claris Lifesciences was trading 2.30 per cent down at Rs 381.80 apiece on BSE.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
