Shasun Pharma to sell its Alivira Animal Health, Veterinary products venture
Wednesday, February 18, 2015
Shasun Pharmaceuticals plans to sell its stake in veterinary products venture Alivira Animal Health for about Rs.75 crore to the other shareholders of the venture following Shasun’s merger with Strides Arcolab.
In Alivira, Sequent Scientific held 73 per cent and Shasun the balance. This venture is focussing on veterinary products, including active pharmaceutical ingredients and formulations.
Private equity firm Ascent Capital picked up a undisclosed minority stake in the venture.
Shasun had invested Rs.63 crore in the venture.
“Considering the proposed merger of the company (Shasun) with Strides Arcolab, and since the animal health business is not the main focus of the merged entity, it is proposed to sell the investment to the other shareholders of Alivira Animal Health for a consideration of not less than Rs.75 crore,” Shasun said in a postal ballot note to shareholders.
The sale proceeds will be utilised for repayment of term loans, it added.
Source : http://www.thehindu.com/
