Aurobindo Pharma Ltd approves acquisition of 51% in GLS Pharma Ltd

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The Board of Directors of Aurobindo Pharma Ltd at its meeting held on June 17, 2022, has approved the acquisition of 51% equity shares in GLS Pharma Limited, operating in oncology business and having manufacturing facility in Hyderabad for a total consideration of INR 28,05,00,000.

GLS Pharma Limited (“GLS”) is a pharmaceutical company engaged in the business of Oncology products which include orals and injectables used in chemotherapy for solid malignancies, chemotherapy for hematological malignancies and chemo supportive products (the “Business”).

GLS was incorporated on 01/09/2004 and initiated manufacturing in the year 2015. It had a total sales of INR 25.8 crores during FY 21-22 and INR 26.4 crores during FY 20-21.

The Company has a call option to acquire the balance 49% equity shares of GLS, after a period of 3 years but before 5 years from the current acquisition, at fair value determined at such point in time.