Torrent Pharma completes acquisition of Unichem Laboratories Ltd
Torrent Pharmaceuticals Limited on Thursday announced that it has completed acquisition of branded business of Unichem Laboratories Limited for India and Nepal, including its Sikkim manufacturing facility, on a going concern basis by way of slump sale. This transaction was in pursuance of the definitive binding agreement entered into between Torrent and Unichem on November 3, 2017.
"From today, Torrent begins the integration of the Unichem business following the successful closure of its acquisition. The integration will aim to fuel and support strong growth of the acquired Unichem brands, consolidating speciality reach with a relentless focus on enhancing productivity. The acquisition will accelerate Torrent's presence in the chronic space especially in the high growth segments of Indian Pharma market like Cardiology, Diabetology and Gastroenterology. Moreover, Unichem brings in an important new platform in Torrent's sustainable growth strategy by expanding the Company's presence in the OTC segment," Torrent said in a statement.
Samir Mehta, Chairman -Torrent Pharma said: "The acquisition of Unichem's domestic branded business by Torrent Pharma is a major step forward in the company's growth strategy in consolidating its India business. Both companies Unichem and Torrent share a long and proud history in the Indian pharma market with a common business culture, a factor which I believe will immensely aid in the successful integration of the combined business"