The Hindu Business Line : Sun Pharma mulling merger of Phlox with itself

THE Mumbai-based drug major Sun Pharmaceutical Industries Ltd said on Tuesday that it was considering merging with itself the Vadodara-based Phlox Pharmaceuticals Ltd.

Phlox is an unlisted bulk drug manufacturing company, set up by an expatriate technocrat. The company has filed a reference with the Board for Industrial and Financial Reconstruction (BIFR) as a sick company, or a company whose accumulated losses exceed its net worth. It has a unit that produces cephalosporins in Baroda district and it holds a European Drug Master File (DMF) for antibiotic cefuroxime axetil in the amorphous form.

In a communiqué issued here on Tuesday after its board meeting, Sun said that the exchange ratio for shares of Phlox with the shares of the company would be decided in due course. The merger, and the draft rehabilitation scheme will be subject to the approval of Sun's shareholders, BIFR and other necessary statutory authorities, it added.

Further, Sun would be holding an extraordinary general meeting of shareholders on July 31 to seek approval for merger of Phlox Pharmaceuticals Ltd with Sun Pharma and the issue and allotment of shares to Phlox Pharma's shareholders.

More Stories on : Mergers & Acquisitions | Pharmaceuticals

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Pearl Organics to set up R&D centre at Navi Mumbai

Igarashi Motors bags orders from global cos; eyes $100 m in 5 years

IndianOil Tanking open offer for S&L

Peopleone to expand overseas operations

Grasim gets bullish on cement — L&T hands over UltraTech management

Sun Pharma mulling merger of Phlox with itself

Metro Cash & Carry to source food products from Punjab

Paswan commits Rs 40 cr for SAIL Durgapur plant