Torrent Pharma to buy Unichem Labs' India business for $558 million

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Torrent Pharmaceuticals said on Friday it would buy more than 120 brands of Unichem Laboratories in India and Nepal and its manufacturing plant at Sikkim. 

The deal, valued at 36 billion rupees ($558 million), will be funded by internal accruals and bank borrowing, the drugmaker said in a stock exchange filing (http://bit.ly/2z9LWer). 

The acquisition is expected to close by the end of 2017. ($1 = 64.5450 Indian rupees).