Lupin has received approval for the proposal to transfer its trade generics business in India along with all related assets and liabilities including but not limited to movable assets, products, employees, contracts (including lease deeds), intellectual property, licenses, permits, consents, approvals, transferable tax credits, trade receivables, inventory, trade payables and insurance policies (collectively ‘the undertaking’) to Lupin Life Sciences (LLSL), a wholly owned subsidiary of the Company.
Business Transfer Agreement (BTA) between the company and LLSL is likely to be entered into in Q1 FY25. Completion of sale is expected to be completed by end of business hours of June 30, 2024 or such other date as may be agreed upon by the company and LLSL. The consideration expected to be received is Rs 1000 million-Rs 1200 million, subject to any movement in working capital and other items in the intervening period up to completion. The Board of Directors of the company, at its meeting held on March 22, 2024, has approved the same.
Lupin is an innovation led transnational pharmaceutical company producing, developing and marketing a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients (APIs) globally.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1847.30 |
| Dr. Reddys Lab | 1293.25 |
| Cipla | 1347.70 |
| Zydus Lifesciences | 938.90 |
| Lupin | 2377.90 |
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