The Mumbai-based BSV will pay 74% in cash and 26% by way of allotment of equity shares for the acquired business. The sale is expected to be completed within 120 days from March 21 subject to approval of the shareholders of TTK Healthcare and fulfillment of certain conditions.
The human pharma division of TTK Healthcare had sales of Rs 160 crore in FY21.
The portfolio of TTK which is heavy on infertility and gynecology is complementary to BSV’s portfolio. TTK’s top brands include Ossopan (calcium supplements), Lactare (galactagogue) and infertility brands such as CCQ, Evaserve and Carni Q and respiratory brand Levokast.
“The core competence of TTK Healthcare (TTKHC) relates to various divisions other than human pharma formulations and TTKHC intends to invest in and expand those businesses,” said TTK in a statement.
“Therefore, the Board has decided to hive-off the Human Pharma Division for a consideration that is considered attractive and use the proceeds in such areas where core competency is present and for the benefit of all stakeholders,” the statement added.
TTK’s other businesses include consumer products, personal products, foods, medical devices and animal welfare products.
Shares of TTK Healthcare rose 7.9% to close at Rs 872.05 on BSE on Monday, while the benchmark Sensex dropped 0.99% to end at 57,292.49 points.
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