Alkem Laboratories on December 30 said it completed the sale of one of its units in the United States for a consideration of $7.96 million or Rs 66.26 crore. The company did not state the exact reason for selling the unit.
“This is to inform you that as part of the company’s operational strategy, the operations at the St. Louis manufacturing facility situated in the USA owned by S&B Pharma LLC, a step-down subsidiary of the company, are closed. Accordingly, all rights, title and interest in the land, improvements and personal property are sold to New Mill Capital Holdings,” Alkem Labs said in an exchange filing.
The unit’s contribution to the company's revenue – $3.85 million in the last fiscal year – was 0.27 percent on a consolidated basis.
New Mill Capital, the buyer of the unit, is a privately-held asset disposition firm specializing in buying and selling excess manufacturing equipment and real estate.
On December 29, shares of Alkem Labs closed up 1.3 percent at Rs 5192.60 on BSE. The stock rose 73 percent in the last one year to vastly outperform benchmark BSE Healthcare that rose 37 percent in the same period.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
