GSK Pharma board approves sale of Vemgal plant to Hetero Labs

Drug firm GlaxoSmithKline Pharmaceuticals earlier said its board has approved the sale of its manufacturing facility located at Vemgal in Karnataka to Hetero Labs for a consideration of Rs 180 crore.
The board of directors at its meeting held, “approved the sale of the company’s business undertaking i.e., manufacturing facility together with the land, plant and machinery, assets, software and equipment located at Vemgal, Karnataka, to Hetero Labs Ltd,” the company said in a regulatory filing.
The transaction is expected to be completed by September 30, 2021, it added.
Consideration received from the sale is Rs 180 crore, the filing said.
Shares of GlaxoSmithKline Pharmaceuticals were trading at Rs 1,430.35 per scrip on BSE, up 0.38 per cent over previous close.
Source – ETHealthWorld