Tata group to sell Ad­v­i­nus to Eurofins Sci­en­tific

BioSpectrum (India) - - FINANCE NEWS -

The Tata group has agreed to sell its phar­ma­ceu­ti­cals and biotech re­search unit Ad­v­i­nus Ther­a­peu­tics to Eurofins Sci­en­tific, a Lux­em­bourg-based group of lab­o­ra­to­ries.

Group hold­ing com­pany Tata Sons Ltd holds a 67.31 per cent stake in Ad­v­i­nus, ac­cord­ing to its 2015-16 an­nual report. Tata In­dus­tries and Ral­lis In­dia also hold stakes in the re­search com­pany, apart from in­di­vid­ual share­hold­ers.

The trans­ac­tion is ex­pected to close in the next sev­eral weeks, sub­ject to the ful­fil­ment of cus­tom­ary clos­ing con­di­tions.

Ad­v­i­nus was started by the Tata group in 2005 as a re­search out­sourc­ing com­pany with Rashmi Barb­haiya, the for­mer re­search and de­vel­op­ment head of Ran­baxy Lab­o­ra­to­ries Ltd. For fis­cal year 2015-16, the com­pany re­ported a loss of Rs 17.30 crore on a turnover of Rs 160 crore.

Ad­v­i­nus has sub­mit­ted over 50 end-toend in­ves­ti­ga­tional new drug ap­pli­ca­tions to global reg­u­la­tors such as the US Food and

Drug Ad­min­is­tra­tion, the Euro­pean Medicines Agency, the Medicines and Health­care Prod­ucts Reg­u­la­tory Agency in the UK and Health Canada.

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