Claris Lifesciences completes sale of global injectables business to Baxter

By: |
New Delhi | Published: July 28, 2017 4:15:17 PM

Claris Lifesciences has completed the sale of its global generic injectables business to US- based Baxter International Inc for USD 625 million.

Claris Lifesciences, Claris Lifesciences business, Claris Lifesciences generic injectables, Claris Lifesciences Baxter International Inc, Claris Lifesciences 625 million dollar dealClaris Lifesciences has completed the sale of its global generic injectables business to US- based Baxter International Inc for USD 625 million.(Reuters)

Claris Lifesciences has completed the sale of its global generic injectables business to US- based Baxter International Inc for USD 625 million. The company said it will now discuss with its advisors and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholders. The drug firm expects to communicate the process before October 15, 2017, Claris Lifesciences said in a statement today. “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,” Claris Lifesciences Vice Chairman and MD Arjun Handa said.

In December last year, Claris had entered into a definitive agreement to acquire Claris Injectables, a wholly owned subsidiary of Claris Lifesciences, for around USD 625 million. Stock of Claris Lifesciences was trading 2.30 per cent down at Rs 381.80 apiece on BSE.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1India aspiring for global leadership in climate action, says Anand Mahindra
2Power companies seek funds or tariff hike from Modi government to cut emissions
3Axis Bank buys payment wallets Freecharge for Rs 385 cr in all cash deal