NEW DELHI: Claris Lifesciences has completed the sale of its global generic injectables business to US-based Baxter International Inc for USD 625 million.
The company said it will now discuss with its advisors and identify the most efficient method of transferring a significant majority of the net proceeds to its shareholders.
The drug firm expects to communicate the process before October 15, 2017, Claris Lifesciences said in a statement today.
"We believe Baxter is the best partner suited to take this platform forward and drive the next phase of growth. I am confident that this is a promising pathway forward for our team, partners and stakeholders," Claris Lifesciences Vice Chairman and MD Arjun Handa said.
In December last year, Claris had entered into a definitive agreement to acquire Claris Injectables, a wholly owned subsidiary of Claris Lifesciences, for around USD 625 million.
Stock of Claris Lifesciences was trading 2.30 per cent down at Rs 381.80 apiece on BSE.