Merck board approves sale of life sciences unit

Published: 6-Jan-2006

The board of directors of Merck has approved the sale of Merck India's life science and analytics business (excluding bulk drugs) to Merck Specialities, a 100% subsidiary of Merck KGaA, Germany, for Rs 99.20 crore (€18.5m).


The board of directors of Merck has approved the sale of Merck India's life science and analytics business (excluding bulk drugs) to Merck Specialities, a 100% subsidiary of Merck KGaA, Germany, for Rs 99.20 crore (€18.5m).

A release issued by Merck to the Bombay Stock Exchange stated that: 'The deal is inclusive of the value of intangibles, fixed and net current assets, and the consideration [sale price] would be suitably adjusted to represent any change in asset/net current value on the date of transaction'.

The sale is now subject to the approval of company shareholders, which will be sought through a postal ballot.

  

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