Cadila Healthcare to buy 51% stake in Windlass for ₹155.55 crore

Posted on by KNBT

Shares of Cadila Healthcare fell 5.83% to close at ₹354.55 on BSE.

Shares of Cadila Healthcare fell 5.83% to close at ₹354.55 on BSE.

New Delhi: Drug firm Cadila Healthcare on Monday said it will acquire 51% stake in Windlass Healthcare for ₹155.55 crore.

“Objective of this investment is to expand pharma manufacturing footprint,” Cadila said.

Cadila Healthcare said it has entered into an agreement to acquire 51% share capital of Windlass Healthcare Pvt Ltd. The cost of acquisition is ₹155.55 crore and it will be completed by end of September 2018, it added.

The deal does not constitute related party transaction, the company said in a BSE filing.

Cadila Healthcare on Monday posted over three fold jump in consolidated net profit to ₹460.5 crore for the quarter ended 30 June, 2018 on account of robust sales. Its net profit was ₹138.4 crore in the year-ago period.

Cadila Healthcare’s total revenue from operations stood at ₹2,893.7 crore for the June quarter. It was ₹2,234.8 crore in the same period a year ago.

“The company’s business in the US posted sales of ₹1,230 crore, up 27%,” it said. During the quarter, the company launched 9 new products in the US. It filed 3 additional abbreviated new drug applications (ANDAs) with the US health regulator FDA and received 13 ANDA approvals during the quarter.

Cadila Healthcare’s India formulations business posted sales of ₹893 crore, up 40%.

Shares of Cadila Healthcare fell 5.83% to close at ₹354.55 on BSE.

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