Aurobindo Pharma on March 28, in submission of regulations, announced that they had obtained a particular business and asset from Vererz Healthcare for cash considerations of RS 171 Crore.

“Transactions are agreed with consideration of Rs 171 Crore based on debt-free cash. Transactions come into force starting April 1, 2022 and is expected to be closed in May 2022,” Aurobindo said.

In particular, Varerz sells branded generic formulations and other health related products in the Indian market. The sales network and distribution cover around 50,000 retailers, spread in 23 cities.

The acquisition of Vererz “will greatly help us as a launch bearing for marketing biosimilar and other products in India”, a statement issued by Aurobindo said, adding that this agreement was in line with the company’s target to expand its tracks in Indian domestic formulations.

Varyaz produced a turnover of Rs 1270.2 million at FY21 at a CAGR 3.4 percent in the previous 3 years, along with RS 1331.8 million revenue, marking a growth of 4.9 percent, for FY22 (until December 2021), Aurobindo noted at His stock archiving.

Aurobindo Managing Director Nithyananda Reddy said the acquisition of certain assets Veraraz would strengthen “the ability to build a product portfolio”.

“With existing and developing Vererz distribution networks, we will be able to make significant footprints in the domestic pharmaceutical market for the next few years,” Reddy added.