New Delhi, May 12: Cadila Healthcare on Wednesday said its wholly-owned subsidiary Zydus Animal Health and Investment has entered into definitive agreements for sale of its Animal Healthcare Established Markets Undertaking to Zenex Animal Health India.
Animal Healthcare Established Markets Undertaking has animal healthcare business in India and certain other countries.
Zydus Animal Health and Investment has entered into a business transfer agreement and other ancillary agreements (together definitive agreements) for disposal of its Animal Healthcare Established Markets Undertaking to Zenex Animal Health India by way of a slump sale, without values being assigned to the individual assets and liabilities on debt free and cash free basis, Cadila Healthcare said in a regulatory filing.
Cadila Healthcare said the slump sale is subject to certain closing date adjustments specified in the business transfer agreement.
The said transaction of sale and disposal of the undertaking shall be subject to approval of shareholders of the company by way of a special resolution, the company said.
Cadila Healthcare said Zydus Animal Health and Investment has another business undertaking Animal Healthcare Emerging Markets Undertaking, which is expected to commence animal health business in the US and certain European countries and this business undertaking is not part of the transaction.
Zydus Animal Health and Investment continues to develop the animal health business products for those markets and at present, this business is in the development and investment phase, the company added. (PTI)
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