SeQuent Scientific arm to take over Lyka's animal health business

NEW DELHI: Drug firm SeQuent Scientific today said its subsidiary Alivira Animal Health will acquire Lyka Exports' animal health business on a going concern basis for an undisclosed sum.

"The Board of Directors has given its consent to Lyka Exports, its subsidiary, to sell its animal healthcare division to Alivira Animal Health, a subsidiary of SeQuent Scientific, subject to approval by shareholders of respective companies," Lyka Labs said in a BSE filing.

In a joint statement, SeQuent Scientific and Lyka said: "The proposed acquisition of Lyka's animal health business includes all IPRs, sales, marketing/distribution network with related employees, contracts, assets and liabilities."

SeQuent MD Manish Gupta said: "This acquisition augurs well for achieving Alivira's strategic objective of emerging a power house in the global animal healthcare space... the business being acquired will strengthen our portfolio in cattle and diary care segment and will complement our existing India formulations business."

In 2014-15, Lyka's animal health business reported a turnover of Rs 23.5 crore.

DSK Legal acted as the legal advisor for the transaction on behalf of Alivira. Lyka was advised by Ernst & Young as the M&A advisor and PDS Legal as the legal one.