Aurobindo Pharma acquires Veritaz Healthcare for Rs 171 crore

In a regulatory filing on March 28th, Aurobindo Pharma announced that it has acquired Veritaz Healthcare for Rs 171 crore. In its statement, the company said: "The transaction is agreed at a consideration of Rs 171 crore on a debt-free cash-free basis. The transaction comes into effect from 1st April 2022 and is expected to close by May 2022." Currently, Veritaz Healthcare has a network of around 50,000 retailers in 23 cities in India. The Pharma Company sells generic formulations and other healthcare products in the Indian market. In a statement released by Aurobindo Pharma, it said that the acquisition of Veritaz Healthcare "will greatly help us as a launch pad for marketing biosimilar and other products in India.” Managing Director of the Aurobindo Pharma, Nithyananda Reddy said: "With the existing and expanding distribution network of Veritaz, we will be able to create a significant footprint in the domestic pharma market over the next few years." Additionally, in its exchange filing, Aurobindo Pharma informed that in the FY21 Veritaz registered a turnover of Rs 1270.2 million at a CAGR of 3.4 percent. In FY22, the company clocked a revenue of Rs 1331.8 million with a growth rate of 4.9 percent