Claris Lifesciences sells injectables unit to Baxter

Claris Lifesciences has sold its generic injectables business to pharmaceutical major Baxter International Inc. for USD 625 million (Rs 4,013 crore). 
 
The company’s transaction was financed through a combination of cash on hand and debt, prior to which the deal was held up after clearance of the US Federal Trade Commission as the acquisition is anti-competitive. It only got a go-ahead after related parties agreed to sell rights of two pharmaceutical products to settle the US FTC’s charges.
 
Claris Lifesciences will now identify the most efficient method of transferring a majority of the proceeds from the sale to its shareholders. The process of transferring the proceeds will be decided before October 15.
 
Shares of Claris Lifesciences were trading at Rs 384.4 with reduction of 1.64% at 0926 hours.