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Torrent Pharmaceuticals completes acquisition of Unichem's branded assets

Torrent Pharmaceuticals Ltd. said it completed acquisition of Indian drugmaker Unichem Laboratories Ltd.'s branded businesses in India and Nepal.

India-based Torrent agreed to pay 36 billion Indian rupees to gain access to more than 120 brands in India and Nepal along with a manufacturing plant in the Indian state of Sikkim.

The transaction was completed on a going-concern basis by way of a slump sale which means the fully operational business was sold off as a whole for a lump sum consideration.

As of Dec. 13, US$1 was equivalent to 64.39 Indian rupees.