Orchid transfers formulations business to OrBion Pharma in Rs.170-Cr deal

Chennai-based Orchid Pharma (formerly known as Orchid Chemicals & Pharmaceuticals Ltd) has transferred its formulations business at Irungattukottai manufacturing facility located on the outskirts of Chennai, by way of a slump sale on a going concern basis to OrBion Pharmaceuticals for a lump sum consideration of up to INR 170 crore including equity stake of 26% in OrBion Pharmaceuticals. Post deak, Bionpharma Health Inc holds 74% and Orchid Pharma 26% of the equity share capital of OrBion Pharmaceuticals Private Limited. Bionpharma Health Inc (a subsidiary of Bionpharma, Inc, US) is focussed on developing generic pharmaceutical products.