Lupin announces completion of Kyowa divestiture to Unison
Mumbai (Maharashtra) [India], Dec 17 (ANI): Pharma major Lupin Ltd said on Tuesday that its subsidiary Nanomi BV has completed the divestiture of the entire 99.82 per cent stake in Kyowa Pharmaceutical Industry Co Ltd to Unison Capital Partners IV.
ANI
Dec 17, 2019 11:06 IST
Mumbai (Maharashtra) [India], Dec 17 (ANI): Pharma major Lupin Ltd said on Tuesday that its subsidiary Nanomi BV has completed the divestiture of the entire 99.82 per cent stake in Kyowa Pharmaceutical Industry Co Ltd to Unison Capital Partners IV.
The divestiture was announced on November 11 and approved by Lupin's shareholders.
"The transaction generates post-tax net cash inflow of nearly 33,429 million Japanese yen (about Rs 2,158 crore) and significantly strengthens Lupin's consolidated balance sheet," the company said in a statement.
The net debt reduces from Rs 4,362 crore to Rs 1,075 crore while the net debt to equity ratio now stands at 0.08 as compared to 0.32.
"This transaction enables us to strengthen our balance sheet and unlock significant value for the company and is aligned with our vision to focus on our key markets and strategic priorities to achieve sustainable growth," said Managing Director Nilesh Gupta.
"We will continue to selectively monetise our complex generics, biosimilars and specialty assets in Japan with the right partners, including Unison," he added.
Lupin develops a wide range of branded and generic formulations, biotechnology products and active pharmaceutical ingredients globally.
It is the third largest Indian pharmaceutical company by global revenues with consolidated sales and net profits before exceptional items totalling Rs 16,369 crore and Rs 946 crore respectively.
(ANI)
Tags:
Get the App
