Aurobindo Pharma Ltd on Monday said it has acquired Veritaz's domestic formulation business for Rs 171 crore on debt-free cash-free basis.

The company said in a statement that this acquisition vehicle will greatly assist Aurobindo as a launch pad for marketing biosimilars and other products in India.

It added that the deal is effective from April 1, 2022 and is expected to expire in May 2022.

“With this acquisition, we strongly believe that with Aurobindo’s ability to build a portfolio of products and with Veritaz’s existing and expanding distribution network, we will be able to create a significant footprint in the local pharmaceutical market for years to come,” Aurobindo Pharma managing director K Nithyananda Reddy said.

Veritaz's turnover amounted to Rs. 133 crore for the nine months period ending December 2021 and turnover of Rs. 127 crore for the entire year FY21. It has about 40 brands in the critical and critical care sectors with a total number of 180 registered brands in his company name. Its main brands are Fepanil and Merogram.

The statement added that the company is currently serving therapeutic areas for pain management and anti-infective and has a product portfolio to enter into other segments, the statement added.

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