Laurus labs to acquire S. Africa-based ASPEN Pharmacare subsidiary

Laurus labs to acquire S. Africa-based ASPEN Pharmacare subsidiary

Agency News

Hyderabad, Sep 18 : Laurus Labs Ltd, a leading research and development driven pharmaceutical company, on Wednesday announced to agree to acquire 100 per cent shares of Phekolong Pharmaceuticals Pty Ltd, a wholly owned subsidiary company of ASPEN Pharmacare, South Africa.

The completion of conditions precedent, by way of cash consideration of ZAR 75,000, the Pharmaceutical company said in a statement here.

The acquisition is expected to be completed by the end of November this year.

At the conclusion of the transaction, all residual assets and liabilities that were within the target company immediately prior to completion would be for Pharmacare Limited’s account and accordingly all such assets and liabilities would be transferred from the target company to Pharmacare Limited immediately prior to completion.

This transaction would provide to the Company access to the South African public antiretroviral (ARV) sector, which manages the world’s largest public ARV programme while Aspen would continue to manufacture the finished dose form ARV’s for the South African public sector, the distribution to this sector would be through the Company’s newly acquired South African subsidiary.

Laurus labs, which is one of the leading manufacturers of Active Pharmaceutical Ingredients (APIs) for anti-retroviral (ARV) and Hepatitis C, also manufactures APIs in Oncology and other therapeutic areas.(UNI)