Natco Pharma to sell US-based pharmacy stores

Drug firm Natco Pharma today said its board has approved to sell its 'Save Mart Pharmacy Stores' in the US.
The company's board, which met today, has approved the sale of US stores - a non-core business of the company, Natco Pharma said in a regulatory filing.
The stores are owned by Natco Pharma Inc, a wholly owned subsidiary of the company.
The company however did not disclose financial details as well as reasons for the sale of the assets.
Natco Pharma was incorporated in Hyderabad in the year 1981 with an initial investment of Rs 33 lakh.
With a modest beginning of operations as a single unit with 20 employees, Natco today has five manufacturing facilities spread across India with dedicated modern research laboratories, capabilities in new drug development.

The company currently employs more than 3,200 employees.
Natco stock closed Rs 399.20, up 1.69 per cent, on BSE.