Orchid Pharma Ltd updates on transfer of formulations business

Orchid Pharma Limited ("the Company") has transferred the Formulations business (IKKT) at Irungattukottai, Chennai by way of a stump sale on a going concern basis to M/s. OrBion Pharmaceuticals Private Limited ("OPPL") as contemplated in the Business Transfer Agreement ("BTA") dated July 21, 2024.

Pursuant to the above strategic collaboration, Bionpharma Health INC holds 74% and the Company holds 26% of the equity share capital of M/s. OrBion Pharmaceuticals Private Limited.

The Members of the Company vide an Ordinary resolution passed at the 28 Annual General Meeting held on August 13,2021 approved the transfer of the existing Formulations business (IKKT) of the Company to OPPL as a going concern via slump sale. Thus, the IKKT Formulations business of the Company pursuant to the RTA stands transferred to OPPL from opening of business hours of Saturday, September 18, 2021.

Shares of Orchid Pharma Limited was last trading in BSE at Rs. 416 as compared to the previous close of Rs. 424. The total number of shares traded during the day was 1375 in over 127 trades.

The stock hit an intraday high of Rs. 439.4 and intraday low of 405. The net turnover during the day was Rs. 576517.

Source : Equity Bulls

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