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Jun 18, 2011, 01.20 PM IST
K-V Pharmaceutical Co said it agreed to sell its generic business unit to Zydus Pharmaceuticals, a subsidiary of India-based drugmaker Cadila Healthcare, for USD 60 million in cash.
K-V Pharma said its decision to divest Nesher Pharmaceuticals Inc to Zydus is in line with its strategy to focus on women's health segment.
Jefferies & Co acted as financial adviser to K-V Pharma for the deal, which is expected to close in the second quarter of KV's 2012 fiscal year.
Class A shares of K-V were up 11% at USD 2.66 in morning trade on the New York Stock Exchange. They had touched a high of USD 2.75 earlier in the session.
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