By: IPP Bureau
Last updated : December 28, 2024 10:07 am
Zydus Lifesciences and SBL have mutually decided to extend the date of closing upto March 31, 2025
Sterling Biotech Limited (SBL) is still in the process of completing certain conditions precedents of the Business Transfer Agreement (BTA) and is expected to take some more time to complete the same.
In view of the same, and as per the terms and conditions of the BTA, the company and SBL have mutually decided to extend the date of closing upto March 31, 2025.
The company and SBL have executed a letter to extend the date of completion as above. In view of the same, the transaction is expected to be completed on or before March 31, 2025.
In an earlier intimation dated September 17, 2024, Zydus Lifesciences Limited has informed about execution of Business Transfer Agreement (BTA) to purchase the API business of Sterling Biotech Limited (SBL), subject to certain conditions precedent and closing date adjustments as provided in the BTA, with effect from such date, and in such manner and on the terms and conditions as mentioned in the BTA. In the said intimation, it was mentioned that the said transaction is expected to be completed by December 31, 2024.