Shares in Aurobindo Pharma slumped as much as 10 per cent, after the company said that it has decided to terminate the agreement with Sandoz.
"Aurobindo today announced the mutual agreement with Sandoz Inc to terminate the agreement to buy the Sandoz US generic oral solids and dermatology businesses from Sandoz Inc. This decision was taken as approval from the U.S .S. Federal Trade Commission for the transaction was not obtained within anticipated timelines," the company said in a release to the exchanges.
Aurobindo Pharma is one of India's leading pharma companies. The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company's product portfolio is spread over 7 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, Anti-Allergies and AntiDiabetics, supported by an outstanding R&D set-up. The Company is marketing these products globally, in over 150 countries.