Elder Pharma to consider sale of overseas units

Elder Pharmaceuticals today said its board will meet next week to consider sale of company's overseas subsidiaries.

A meeting of company's board will be held on September 28 to consider the proposal for sale of step down overseas subsidiaries, Elder Pharma said in a regulatory filing.

Facing a severe financial crunch, the company is in the process of restructuring as a whole and is in an advanced stage of discussions with prospective lenders.

Last year, the company had completed the transaction for sale and transfer of its branded domestic formulations business in India and Nepal to Torrent Pharmaceuticals on a slump sale basis.