Indoco plans to merge pharma operations

Indoco's wholly owned subsidiary La Nova Chem (India) Pvt Ltd will merge with the company, after shareholders recently approved its composite merger and demerger scheme.

Also, the pharmaceutical division of SPA Pharmaceuticals will be demerged and merged with Indoco Remedies Ltd , a company release said.

The scheme awaits approval from the Bombay High Court.

Ms Aditi Kare Panandikar, Director (Business Development), Indoco, told Business Line that Indoco had a loan-licence agreement with SPA Pharmaceuticals and this seemed to be a problem while getting regulatory approvals in different markets.

The manufacturing licence needs to be in the name of the company, as a result of which Indoco has taken on the people and manufacturing facilities from SPA into its fold to benefit from the synergy, she said.

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