Sinopharm is acquiring a 51% stake in Aurobindo Pharma's Chinese subsidiary, Aurobindo (Datong) Bio Pharma Co. Ltd (ADBPL). Sinopharm will later acquire a further 29.5% stake, reducing Aurobindo's holding to 19.5%. Aurobindo will receive $50m for the stake, $23m of which is a repayment of a loan to the subsidiary. Aurobindo's senior manager for investor relations, Tathagato Roychoudhary, said "in the second round of stake sale, Sinopharm will infuse cash into ADBPL to relocate its factory to expand capacity as regulated by the Chinese government".
India Infoline
Thursday 13 January 2011
Aurobindo sells subsidiary to Sinochem
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