Indoco Remedies Limited has finalized a strategic transaction, transferring its ophthalmic business to Sunways (India) Private Limited through a slump sale agreement valued at ₹110 crore. This deal marks a significant move for both companies in the pharmaceutical sector.
The legal advisory for this transaction was provided by Lakshmikumaran & Sridharan Attorneys, who played a pivotal role in facilitating the deal. Their comprehensive service included advising on the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, evaluating the Goods and Services Tax (GST) implications, and guiding the structure, negotiation, and drafting of all transactional documents.
The team at Lakshmikumaran & Sridharan also assisted Indoco Remedies through the complexities of transferring various asset classes. This included the transfer of intellectual property rights, inventories, and marketing authorizations across multiple jurisdictions. Such meticulous guidance ensured a seamless transition of the ophthalmic business to Sunways.
The legal team was spearheaded by Asish Philip (Executive Partner) and Gopal Machiraju (Partner), with valuable contributions from Bhusan Porwal (Principal Associate) and Kinnari Solanki (Associate). The GST aspects were expertly handled by Darshan Machchhar (Associate Partner) and Krina Shah (Senior Associate).
This divestment allows Indoco Remedies to streamline its operations, focusing on its core competencies. Conversely, Sunways is poised to enhance its footprint in the ophthalmic market by leveraging Indoco’s established distribution networks and regulatory authorizations, particularly in emerging markets across Africa and India.
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