Business Health

Cipla to sell its stake in Biomab Holding for about $26 million

Date posted: Saturday 31 October 2015

Drug maker Cipla Ltd will sell its 25% stake in Biomab Holding Ltd, a Hong Kong company that makes biosimilar drugs for the Chinese market, for nearly $26 million. Biosimilars are the generic versions of biological drugs. The company has signed definitive agreement with British Virgin Islands, which holds the remaining 75%, for a total consideration of $25,775,000.

Cipla’s biological business will now be consolidated under Cipla BioTec. Cipla BioTec will focus on research, development, manufacturing and marketing of biosimilars for cancer, auto-immune diseases, respiratory diseases and diabetes.


Max Healthcare to acquire 51% stake in Saket City Hospital

Date posted: Saturday 31 October 2015

Max Healthcare (MHC) is set to acquire 51% stake in Saket City Hospital (SCH) for an undisclosed amount. MHC will acquire the stake from Smart Health City Pte Ltd, the Singapore based BK Modi Group company which manages and operates the SCH. Max Healthcare plans to further expand this facility by 900 additional beds, thereby expanding SCH’s capacity to 1,200 beds.

Located in the heart of South Delhi’s Saket area, SCH, which started operations in 2013, has 230 operational beds and is currently expanding to 300 beds.

(Money Control)

Baring India cuts its stake in Indoco Remedies

Date posted: Saturday 31 October 2015

Baring India, via Baring India Private Equity Fund III Listed Investments Ltd, sold 2,149,206 shares of publicly listed Indoco Remedies Ltd on NSE at INR 336 per share, aggregating INR 72.21 Cr. The buyer was Barclays Merchant Bank (Singapore) Ltd.

(Money Control)

Care24 Raises Funding From India Quotient

Date posted: Saturday 31 October 2015

Mumbai-based home healthcare startup, Care24, has raised about $350K (INR 2.25 Cr.) in a funding round from India Quotient. The raised capital will be used to train on-boarded caregivers and expand to more localities in Mumbai.

Founded in 2014, Care24 is a homecare platform which connects the caregivers and patients. The startups facilitates from prescription to complete recovery. Its services include nurse at home, physiotherapy at home, attendant at home and infant care service.

(INC 42)

Elder Pharma to repay creditors by selling assets

Date posted: Saturday 31 October 2015

Troubled drug firm Elder Pharmaceuticals plans to repay its creditors and investors by raising funds through a combination of debt, equity and asset sale. The company intends to sell its stake in its subsidiaries in the UK and Bulgaria. Earlier this month, the Bombay High Court directed the company repay INR 155 crore to small investors who had invested in the company’s fixed deposit in January. The company has to also pay a bunch of debenture holders INR 263 crore. The ailing company also faces 24 winding up petition, including one by Tata Financials. The company was also restrained from creating any third party rights or to sell off its assets except in the natural course of business, without permission from the Court.

(The Hindu)

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