Lupin Board Okays Transfer Of API R&D Division To Arm

Drug firm Lupin Ltd. on Monday said its board has approved the transfer of its API R&D division to a wholly owned subsidiary on a slump sale basis.

The company's board has also approved modification to an earlier slump sale transaction by including an additional brand as part of the transfer of OTC business to LUPINLIFE Consumer Healthcare Ltd., on a going concern basis, the drug maker said in a regulatory filing.

The company had intimated on Feb. 12 this year regarding the board's approval for the transfer of the OTC Consumer Healthcare Business to a new wholly owned subsidiary.

The company has incorporated LUPINLIFE Consumer Healthcare, a wholly owned subsidiary for the purpose.