The company is proposing to transfer its trade generics business in India along with all related assets and liabilities including but not limited to movable assets, products, employees, contracts (including lease deeds), intellectual property, licenses, permits, consents, approvals, transferable tax credits, trade receivables, inventory, trade payables and insurance policies to LLSL. FY23 revenues of the undertaking were about Rs 277 crore. The revenues represented 2.5% of the turnover of the company on a standalone basis, for the year ended 31 March 2023.

Consideration expected to be received is Rs 100 - 120 crore, subject to any movement in working capital and other items in the intervening period up to completion.

Completion of sale is expected to be completed by end of business hours of June 30, 2024 or such other date as may be agreed upon by the Company and LLSL.

The rational for slump sale is to achieve agility, better focus and growth of trade generics business, to increase business by investing in new launches and penetrating underserved markets, trade generics are poised for higher growth given the need for accessibility, availability and affordability of medicines.

Mumbai-based Lupin is an innovation-led transnational pharmaceutical company. It develops and commercializes a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe and Middle East regions.

The pharmaceutical company reported consolidated net profit of Rs 613.12 crore in Q3 FY24, steeply higher than Rs 153.47 crore posted in Q3 FY23. Revenue from operations increased 19.67% YoY to Rs 5,079.88 crore in the quarter ended 31 December 2023.

The scrip fell 0.68% to Rs 1,597.05 on the BSE.