Gufic Biosciences said Thursday its board has approved the scheme of amalgamation of Gufic Lifesciences with the company, in a move aimed at providing larger asset base to boost growth and development of its business.
Gufic Biosciences Limited is primarily engaged in the business of manufacture, job work, marketing and sale of formulations and bulk drugs. Its turnover stood at Rs 304.12 crore as on March 31, 2018.
Gufic Lifesciences is one of the largest manufacturers of Lyophilized injections in India.
"The amalgamation would help achieve synergies of operations and streamline business activities," Gufic Biosciences said in a regulatory filing.