Aurobindo sells subsidiary in Australia to Eris Pharma
Indian drugmaker Aurobindo Pharma (BSE: 524804) has sold its step down subsidiary Aurobindo Pharma Australia, with operations in Australia and New Zealand, to privately-held Eris Pharmaceuticals, an Australian pharmaceutical company whose products are sold in the Middle East, North Africa, CIS and Balkans countries.
The subsidiary was not contributing any profit to Aurobindo. Financial terms of the transaction have not been disclosed.
As a result of this acquisition of marketing authorizations for prescription and over-the-counter (OTC) medicines through its ownership of Aurobindo Australia, Eris will become a significant generic pharmaceutical company in Australia. The Eris product portfolio offered to Australian pharmacists includes prescription generics, OTCs, dermo-cosmetic and other healthcare products.
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