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Aurobindo Pharma to buy 51% stake in animal health products maker Cronus for Rs.420-Cr

BSE Disclosure   Economic Times  

Publicly listed Aurobindo Pharma is to buy a 51% stake for INR 420 crore in fellow Hyderabad-based Cronus Pharma Specialties, aiming to tap the global animal health generics space. Cronus is engaged in the development, manufacturing and sale of veterinary pharmaceutical products and has a large exposure in the US market. It posted a turnover of INR 11.4 crore in FY21. PwC and DSK Legal advised Aurobindo Pharma on the deal. Cronus is part of Grace Therapeutics, a drug discovery platform in the US, which got reverse-merged into US-based Acasti Pharma Inc. It has a growing portfolio of over 20 products and the firm has amassed 59 US new animal drug applications and abbreviated animal drug application approvals from the FDA's Center of Veterinary Medicine (CVM).