Universal Nutriscience Private Limited completed the acquisition of Nutraceuticals Business of Sanofi India Limited from Sanofi India Limited for INR 5.9 billion.
September 29, 2021
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Universal Nutriscience Private Limited entered into an business transfer agreement to acquire Nutraceuticals Business from Sanofi India Limited (BSE:500674) for INR 5.9 billion on July 27, 2021. The consideration is including debt like obligations (such as retirals and provision for sales returns), subject to customary working capital adjustments and post-closing adjustment in connection with certain contractual arrangements between the parties. Sanofi India Limited undertook a thorough competitive auction process with a view to obtain the best possible transaction terms for Sanofi India Limited and identify an organization which will be a good fit for the Nutraceuticals business. The Board of Directors had evaluated potential bidders for the sale of the Nutraceuticals business and after evaluating the various bids received and discussions with the potential buyers, the offer proposed by Universal Nutriscience has been identified as being in the best interest of Sanofi India Limited and the stakeholders, from the perspectives of valuation and strategic fit. The Nutraceuticals business of Sanofi India Limited comprises 16 brands and 30 SKUs. These along with related business assets and liabilities including contracts, intellectual property rights, inventory, and all employees associated with this business will transition to Universal Nutriscience Private Limited. There will not be any change in the shareholding pattern of Sanofi India Limited due to this transaction. In the financial year ended 31st December 2020, the Nutraceuticals business contributed INR 1.282 billion in the revenue (5% of the revenue of Sanofi India) and INR 1.064 billion to the net worth of Sanofi India 5% of the net worth). As of July 27, 2021, the Board of Directors of Sanofi India Limited approved a transaction in the long-term interest of all stakeholders for the slump sale and transfer of its Nutraceuticals business. Completion of the transaction is subject to fulfillment of conditions as set out in the business transfer agreement and anticipated within the next 3 months of 2021. Deloitte Corporate Finance acted as the exclusive financial advisor to Sanofi India Limited, on this transaction. BDO acted ad financial advisor to Sanofi India Limited.
Universal Nutriscience Private Limited completed the acquisition of Nutraceuticals Business of Sanofi India Limited from Sanofi India Limited (BSE:500674) for INR 5.9 billion on September 30, 2021.
Sanofi India Limited is an India-based company, which is engaged in the business of manufacturing and trading of drugs and pharmaceuticals. The Company produces pharmaceutical formulations, dosage forms and offer a range of medicines across various therapeutic areas. Its product portfolio is focused on five therapeutic areas: diabetes, epilepsy, cardiology, allergy and pain care. In the diabetes area, the Company has an insulin portfolio under the brand name of Lantus, which helps in controlling high blood sugar in adults and children with diabetes mellitus. It also provides Toustar pen, along with dedicated Toujeo cartridges, addressing the need for a reusable delivery device. Combiflam, its product, helps to reduce pain and inflammation in conditions like headache, muscle and joint pain, and also reduces fever. Its brands also include Cardace, Allegra, Avil and Frisium. The Company has its own manufacturing facility in Goa. It has around 12 contract manufacturing organizations.
Universal Nutriscience Private Limited completed the acquisition of Nutraceuticals Business of Sanofi India Limited from Sanofi India Limited for INR 5.9 billion.