Aurobindo Pharma To Acquire Additional 20% Stake In China JV For $5.12 Million
Aurobindo Pharma announced that its wholly-owned subsidiary Helix Healthcare BV will acquire an additional 20% stake in China-based joint venture Luoxin Aurovitas Pharma from partner Shandong Luoxin Pharmaceutical for USD 5.12 million within three months. This increases Helix's stake in the 30:70 JV, with an option to buy the remaining 50% by December 2029 for USD 18.86 million.
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New Delhi: Aurobindo Pharma on Tuesday said that it will pick up an additional 20 per cent stake in its China-based joint venture for USD 5.12 million.
Helix Healthcare BV, a wholly-owned subsidiary of the company, has entered into a binding agreement with Shandong Luoxin Pharmaceutical Group Stock Co, the joint venture partner in Luoxin Aurovitas Pharma, the Hyderabad-based drug firm said in a regulatory filing. Luoxin Aurovitas is a 30:70 joint venture company between Helix and Shandong Luoxin.
The initial acquisition of a 20 per cent stake would be done within the next three months for USD 5.12 million with the right to acquire the balance 50 per cent stake by December 2029 at an agreed price of USD 18.86 million, subject to certain terms and conditions, Aurobindo Pharma said.
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