Claris Lifesciences Limited (BSE: 533288) today announced that it has completed the sale of its Global Generic Injectables Business to Baxter International Inc. (USA) for an enterprise value of US$ 625 million.
The Company further clarified that it will discuss; with its advisors; and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholder, the company expects to communicate the process before the 15th of October 2017.
Commenting on the event, Arjun Handa, Vice Chairman and MD of Claris Lifesciences Limited said, “My team and I have built this company with a lot of integrity, focus and passion. We have been unrelenting in our commitment to create a differentiated play. Today Claris products and business model’s uniqueness has a significant potential to deliver strong growth. We believe Baxter is the best partner suited to take this platform forward and drive the next phase of growth. I am confident that this is a promising pathway forward for our team, partners and stakeholders. Over the past several years, we are proud of the businesses that we have created from India with a global footprint, leading to significant value creation.