RPG Life Sciences Ltd, part of the Harsh Goenka-led RPG Group, has decided to sell its biotech unit to Intas Pharmaceuticals Ltd for an unspecified amount.
The board of the company has approved the sale and transfer of this unit on a slump sale basis to Intas, the company said in a filing with the stock exchanges.
RPG Life Sciences is engaged in manufacturing and marketing of pharmaceutical products. With this development, the company exits the biotech business. “It has been our strategy to focus on our core businesses (formulations), and the sale of the Biotech Unit to Intas Pharmaceuticals will only help us achieve this goal and create value for stakeholders in the long-term,” said C.T. Renganathan, Managing Director, RPG Life Sciences Ltd.
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“The proceeds from this sale will be used to expand the existing main business of formulations and improve the overall profitability of RPG Life Sciences,” he added.