Sanofi India Limited updates on proposed divestment of Soframycin® and Sofradex® businesses

The Board of the Directors of Sanofi India Limited (the Company) at its meeting held today, reviewed the proposed plan of the Sanofi Group to globally sell some of its old brands along with their trademarks, which are owned by Sanofi Group. These include brands Soframycin® and Sofradex®, which are manufactured (through a third-party manufacturing arrangement) and distributed by the Company. The Board also noted that upon completion of such sale by Sanofi Group, the Company will not have the authority to distribute products under these brands.

The business of the Company under these brands was just 2.8% of the total sales of the Company for the nine months ended 30th September 2020.

The Board approved a review of options, and assessment of how best to monetise value for these businesses in India.

Shares of Sanofi India Ltd was last trading in BSE at Rs.7847.8 as compared to the previous close of Rs. 7802.65. The total number of shares traded during the day was 857 in over 374 trades.

The stock hit an intraday high of Rs. 7877.8 and intraday low of 7785. The net turnover during the day was Rs. 6718370.

Source : Equity Bulls

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