The deal would have allowed the drug make own 51% stake in Cronus Pharma Specialities India.
On 12 August 2021, Aurobindo Pharma had announced the agreement to buy the majority stake in Cronus by subscribing to 95,059,963 equity shares of Rs 10 each, at a premium of Rs 34.18 per equity share, aggregating to Rs 420 crore.
"The Board of Directors at its meeting held today has approved the termination of aforesaid agreements and the paries have mutually agreed and terminated the said agreements," Aurobindo informed the BSE on Friday.
Aurobindo Pharma posted an 8.9% rise in consolidated net profit to Rs 770 crore on 2.9% rise in net sales to Rs 5,702 crore in Q1 FY22 over Q1 FY21.
Shares of Aurobindo Pharma rallied 4.37% to Rs 711.25 on BSE. Aurobindo Pharma headquartered at Hyderabad, India, develops, manufactures and distributes generic pharmaceuticals, branded specialty pharmaceuticals and active pharmaceutical ingredients.
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