City-based Orchid Chemicals & Pharmaceuticals Ltd has announced completion of transaction for sale and transfer of its generic injectable finished dosage forms pharmaceuticals business to Hospira Healthcare India Pvt Ltd (Hospira India), a subsidiary of US-based pharmaceutical and medication delivery company Hospira, Inc.
Orchid had entered into a business transfer agreement on December 15, 2009, to sell its injectable business to $3.6 billion Hospira for $400 million (around Rs 1,860 crore).
The transaction includes Orchid’s betalactam antibiotics injectables manufacturing complex and formulations R&D facility at Irungattukottai, Chennai, as well as its generic injectable product portfolio and pipeline. The human resource base related to the transferred business also moves to the new entity.
The company also said CB Rao, who has been associated with Orchid since inception as board member and deputy managing director, will be joining Hospira India as its managing director.