INDIA – Sun Pharmaceutical Industries announced on Monday that it has entered into a share purchase agreement with Daiichi Sankyo Company of Japan to acquire the latter’s 11.28 percent stake in Zenotech Laboratories.
The above transaction is an inter-se transfer between Zenotech Laboratories Limited’s promoters.
Sun Pharma has announced that it will pay Rs 5.32 crore (US$697,211) for the stake.
According to a regulatory filing, the primary goal of the transaction from the acquirer’s perspective is to consolidate its holding in the target company.
Sun Pharma’s stake in Zenotech will rise from 57.56 percent to 68.84 percent following the acquisition, according to the company.
The SPA specifies a 30-day time frame for the completion of the acquisition, which can be mutually extended by the parties.
The Target Company is an Indian corporation that was founded in 1989. “The Target Company operates primarily from India and supplies its products in the domestic market,” the company said in a filing.
Staying in the mergers and acquisition front, Biocon Biologics, a Biocon subsidiary, recently purchased Viatris’ biosimilars business for US$3.3 billion in cash and stock.
Viatris will receive US$2 billion in cash at the transaction’s close, as well as up to US$335 million in additional payments due in 2024.
In addition, upon completion of the transaction, Biocon Biologics Limited will issue US$1 billion in compulsorily convertible preference shares (CCPS) to Viatris, representing a fully diluted equity stake of at least 12.9% in the company.
Natco Pharma had announced its intentions in December last year to acquire Dash Pharmaceuticals LLC in the United States through one of its subsidiaries for a cash consideration of US$18 million.
The acquisition will provide a front-end for Natco Pharma to engage with its customers directly in the United States, the world’s largest pharmaceutical market, the company said.
Following a meeting of the Board, Natco proposed to enter into an agreement to acquire a 100 percent stake in Dash Pharmaceuticals in a filing with the stock exchange.
The transaction is conditional on the successful completion of due diligence, the execution of definitive agreements, and compliance with statutory requirements.
Furthermore, Mankind Pharma has agreed to pay 1,908 crores (US$252 million) for the domestic formulations business of Panacea Biotec Pharma, a subsidiary of Sputnik V maker Panacea Biotec at the beginning of March.
Panacea Biotec announced that its board of directors has approved the sale of its subsidiary Panacea Biotec Pharma’s domestic formulations business, including formulations brands in India and Nepal, as well as related trademarks, copyrights, and other assets, to Mankind Pharma for Rs. 1908 crore (US$252 million)
Domestic business assets generated a turnover of 219.85 crore in the previous fiscal year, accounting for 63.75 percent of Panacea Biotec Pharma’s total revenue and approximately 35 percent of Panacea Biotec’s consolidated turnover.
Adar Poonawalla, CEO of Serum Institute of India, owns 8.59 percent of Panacea Biotec, which manufactures vaccines and pharmaceutical products.
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