| In September 2024, Zydus Lifesciences intimated about execution of Business Transfer Agreement (BTA) to purchase the API business
of Sterling Biotech (SBL), subject to certain conditions precedent and closing date adjustments as provided in the BTA, with effect from such date, and in such manner and on the terms and conditions as mentioned in the BTA. This transaction was expected to be completed by 31 December 2024.
Now, SBL is still in the process of completing certain conditions precedents of the BTA and is expected to take some more time to complete the same. In view of the same, and as per the terms and conditions of the BTA, the Company and SBL have mutually decided to
extend the date of closing upto 31 March 2025.
The Company and SBL have today, i.e. 27 December 2024, executed a letter to extend the date of completion as above. In view of the same, the transaction is expected to be completed on or before 31 March 2025. |