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21 October, 2019 08:08 IST
Aurobindo Pharma to acquire portfolio of oncology injectables products
Source: IRIS | 18 Jan, 2019, 01.47PM
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Aurobindo Pharma, announces the signing of a definitive agreement to acquire a portfolio of seven branded oncology injectable products from Spectrum pharmaceuticals Inc. The acquisition also brings-in an experienced branded commercial infrastructure in the US.

Acrotech Biopharma LLC (Acrotech), a wholly-owned subsidiary of Aurobindo Pharma USA Inc., which in turn a wholly-owned subsidiary of Aurobindo Pharma Limited, (Q,N,C,F)* will be acquiring the portfolio on a debt free and cash free basis. This acquisition is in line with our strategy to commercialize innovative proprietary medications.

The acquisition will help Aurobindo Group to enter the branded oncology market with a range of products which are well recognized by the oncology community. Aurobindo Group will also acquire a well-established and experienced branded commercial infrastructure to continue commercializing these brands.

Ashish Anvekar, President of Acrotech, said, ''We are excited to jump-start our mission of helping cancer patients across the globe by delivering clinically differentiated medications and leveraging strategic partnerships. We look forward to welcome an experienced team of employees from Spectrum who are essential to our mission.''

Shares of the company declined Rs 2.7, or 0.35%, to trade at Rs 771.60. The total volume of shares traded was 62,043 at the BSE (12.47 p.m., Friday).

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