Alkem Laboratories Shuts Down Operations At St. Louis Manufacturing Facility, Sells Property To New Mill Capital Holdings LLC

Alkem Laboratories on Saturday said that as part of the company's operational strategy, the operations of the company carried out at the St. Louis manufacturing facility, situated in USA and owned by M/s S&B Pharma LLC, a step-down subsidiary of the company are closed, the company announced through an exchange filing.

Through the regulatory filing, the company said, as part of this, all rights, title and interest in the land, improvements, and personal property of the facility owned by M/s S&B Pharma LLC, a step-down subsidiary in USA are sold to M/s New Mill Capital Holdings LLC according to the 'Purchase and Sale Agreement' executed between the buyers and seller.

The company had a turnover of USD 3,850,600 (Rs 309,208,571) and the percentage of total turnover was at 0.27 per cent on a consolidated basis. The Net Worth of St Louis manufacturing facility was USD 2,7361,366.32.

The Purchase and Sale Agreement was entered into for the sale of the Facility subject to satisfactory due diligence. The agreement was executed subject to completion on 15th November 2023.

Alkem Laboratories shares

The shares of Alkem Laboratories on friday at 3:30 pm IST closed at Rs 5,199, up by 1.42 per cent.