Piramal Sells CRO Business to Indoco
Piramal Enterprises Limited (PEL) has agreed to sell its clinical research division, Piramal Clinical Research (PCR) (formerly known as Wellquest), to Indoco Remedies Limited (Indoco) on a going concern basis for cash. Hyderabad, India-based PCR specializes in conducting bioanalytical and bioequivalence studies for generic products and holds approvals from various regulatory agencies. Indoco is engaged in manufacturing and global marketing of formulations and active pharmaceutical ingredients.
PCR was not considered strategic in nature and formed a relatively small portion of the PEL's consolidated business. The transaction does not have a material impact on PEL's balance sheet or P&L. Fixed assets of this division along with the employees will be transferred to Indoco on a slump sale basis as a part of the transaction. The sale transaction was scheduled to be completed April 6, 2015.