Unichem Labs gets Rs 270 cr as first tranche of payment for Optimus stake sale

Unichem Labs gets Rs 270 cr as first tranche of payment for Optimus stake sale
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By Jomy Jos Pullokaran  Sept 23, 2022 5:27:33 PM IST (Updated)

Shares of Unichem Laboratories Ltd ended at Rs 389.85, down by Rs 4.70, or 1.19 percent on the BSE.

Drug firm Unichem Laboratories on Friday, September 23, said it has received the first tranche of payment of Rs 270 crore from Sekhmet Pharmaventures Private Ltd for the sale of 19.97 percent equity shares in Optimus Drugs Private Ltd.

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For the sale of the remaining 0.02 percent equity shares in the second tranche, a price is to be determined as per the said share purchase agreement after satisfaction of necessary conditions precedent.

Back in May, a consortium of private equity funds, led by PAG, announced that they will acquire a controlling stake in Hyderabad-based pharma company Optimus Drugs for Rs 2,000 crore. Sekhmet Pharmaventures Pvt Ltd is a private company and belongs to the PAG Group.

Incorporated on December 2, 2003, Optimus Drugs is engaged in the business of researching, developing, manufacturing, marketing, and distribution of active pharmaceutical ingredients (APIs) and pharmaceutical intermediates.

In August, the Competition Commission of India (CCI) approved the proposed deal involving Sekhmet Pharmaventures and Optimus Drugs Pvt Ltd.

Optimus's turnover was Rs 528 crore in 2019-20, Rs 1,019 crore in 2020-21 and Rs 1,130 crore in 2021-22.

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