SMS Pharmaceuticals has sold and transferred the facility situated at Unit-VI, Plot No. 28, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam in state of Andhra Pradesh to Mylan Laboratories (Mylan). The company has taken this step as per Business Transfer Agreement entered with Mylan on October 16, 2012.
Last year in October, the company had considered and approved the sale consideration for Unit -VI at Rs 173.00 crore for which it had identified and finalized Mylan as buyer out of the proposals received. The company had already received its board’s approval for the same at a meeting held on August 18, 2012.
SMS Pharmaceuticals is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs) and its intermediates. The company has six manufacturing facilities and two R&D facilities located in Andhra Pradesh.
