Piramal completes sale of domestic biz to Abbott

Piramal Healthcare has completed the sale of its domestic formulations business to Abbott Healthcare for consideration of Rs 10,271 crore for the same. According to the agreement, Abbott had agreed to pay $2.12 billion (Rs 10,721 crore) upfront and the remaining amount in four annual instalment of $400 million.

As part of the agreement, Piramal will not engage in generic pharmaceutical business in the country for the next eight years. The completion of the deal would also lead to transfer of more than 5,000 employees of the domestic formulation business to Abbott.