Indoco Remedies to buy Piramal's clinical research business

NEW DELHI: Piramal Enterprises has signed an agreement to sell its Hyderabad-based clinical research division to Indoco Remedies for undisclosed amount.

Piramal Enterprises Ltd has signed a definitive agreement to sell its clinical research division known as 'Piramal Clinical Research' to Indoco Remedies Ltd on a going concern basis for cash, the company said in a filing to BSE.

"Fixed assets of this division along with the employees will be transferred to Indoco on a slump sale basis as a part of the transaction," It added.

The sale transaction is expected to be completed upon receipt of purchase consideration by April 6, 2015, Piramal Enterprises said.

"Piramal Clinical Research (PCR) was not considered strategic in nature and formed a relatively small portion of the PEL's consolidated business. The transaction does not have a material impact on PEL's balance sheet or P&L," it added.

PCR specialises in conducting bioanalytical and bioequivalence studies for generic products and holds approvals from various regulatory agencies including USFDA, UK MHRA among others, Piramal Enterprises said.

Shares of Piramal Enterprises today closed at Rs 877.55 on BSE, up 0.98 per cent from previous close.