JB Chemicals & Pharmaceuticals’ (JBCPL) proposed deal to sell JBCPL's Russia-CIS prescription products business to Dr. Reddy's Laboratories (DRL) has been mutually called off in overall business interest of both parties. Accordingly, the agreements entered into between the parties including agreement between Russian subsidiaries of the company as well as DRL have been terminated.
The company has decided to aggressively pursue prescription products business in Russia- CIS countries and is in the process of restructuring the same so that it continues to remain profitable.
Earlier on July 22, 2011, JB Chemicals & Pharmaceuticals’ (JBCPL) board had granted its approval to the company for entering into a definitive agreement to sell its Russia-CIS prescription products business to Dr Reddy’s Laboratories. The transaction which involves the sale of products registration, intellectual properties etc., is for the consideration worth Rs 137.5 crore.
JBCPL is one of India’s leading pharmaceutical companies which manufacture and markets a diverse range of pharmaceutical formulations, herbal remedies and APIs.
