Sun Pharmaceutical Industries said that it has entered into an agreement to acquire 60% shareholding in Vivaldis Health and Foods from its existing shareholders.
The drug maker would acquire the remaining 40% shareholding in future as per certain terms & conditions, the company said in an exchange filing made after trading hours yesterday.
Vivaldis Health and Foods is engaged in the business of trading, distributing, manufacturing and marketing of drugs, food supplements and over the counter products in the companion animal segment of animal healthcare industry. The revenue for the financial year 2021-22 was Rs 29.92 crore. The revenues of Vivaldis Health have grown at CAGR of 47% during FY 19-20 to FY 21-22 period.
The said acquisition is being made for a cash consideration of Rs 143.30 crore, subject to customary closing adjustments for 60% (sixty percent) shareholding. The company expects to complete the said acquisition by the end of May 2023.
Sun Pharmaceutical Industries is the world's fourth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
The company reported 5.2% rise in consolidated net profit to Rs 2,166 crore in Q3 FY23 as compared with the corresponding quarter last fiscal. Total sales increased by 13% to Rs 11,100.14 crore in the third quarter from Rs 9,814.17 crore in the same period previous year.
The scrip shed 0.46% to end at Rs 972.80 on the BSE yesterday.
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