By: IPP Bureau
Last updated : December 31, 2023 4:45 pm
The unit’s contribution to the company's revenue US$3.85 million in the last fiscal year
Alkem Laboratories said it completed the sale of St. Louis manufacturing facility situated in USA owned by S&B Pharma, a step-down subsidiary of the company, for a consideration of $7.96 million.
"This is to inform you that as part of the company’s operational strategy, the operations at the St. Louis manufacturing facility situated in the USA owned by S&B Pharma LLC, a step-down subsidiary of the company, are closed. Accordingly, all rights, title and interest in the land, improvements and personal property are sold to New Mill Capital Holdings,” Alkem Labs said in an exchange filing.
The unit’s contribution to the company's revenue US$3.85 million in the last fiscal year – was 0.27 percent on a consolidated basis.
New Mill Capital, the buyer of the unit, is a privately-held asset disposition firm specializing in buying and selling excess manufacturing equipment and real estate.
The Purchase and Sale Agreement was entered into for sale of the Facility subject to satisfactory due diligence. The agreement was executed subject to completion of the above-mentioned condition on 15th November, 2023.