Companies

Orchid transfers formulations business to OrBion Pharma

Our Bureau Chennai | Updated on September 19, 2021

Transfers its operating formulations unit Irungattukottaifor a lumpsum consideration of up to ₹170 crore

Chennai-based Orchid Pharma (formerly known as Orchid Chemicals & Pharmaceuticals Ltd) on Saturday announced that it has transferred its formulations business at Irungattukottai manufacturing facility located on the outskirts of Chennai, by way of a slump sale on a going concern basis to OrBion Pharmaceuticals.

The transfer was based on a Business Transfer Agreement (BTA) dated July 21, 2021 under which the company decided to sell/transfer its operating formulations unit Irungattukottaifor a lumpsum consideration of up to ₹170 crore including equity stake of 26 per cent in OrBion Pharmaceuticals.

“Pursuant to the above strategic collaboration, Bionpharma Health INC holds 74 per cent and the company holds 26 per cent of the equity share capital of OrBion Pharmaceuticals Private Limited,” the company said in a regulatory filing.

Bionpharma Health Inc (a subsidiary of Bionpharma, Inc, US) is focussed on developing generic pharmaceutical products.

Orchid Pharma is one of the leading pharmaceutical companies in India, involved in research, development, manufacture, marketing, and export of active pharmaceutical ingredients (APIs) and finished dosage forms (FDF) to over 40 countries.

While the company’s FDF manufacturing facility is located at Irungattukottai, its API (Active Pharmaceutical Ingredients) plant is located at Alathur, south of Chennai.

Published on September 18, 2021

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