Khaitan & Co. Advised Elder Pharmaceuticals Limited (“Elder”) in relation to the successful completion of the transfer of some of Elder’s branded domestic formulations business in India and Nepal, to Torrent Pharma (“Torrent”) by way of a slump sale for a lumpsum consideration of USD 333 million approximately pursuant to the business transfer agreement between Torrent Pharma and Elder in 2013. The business was sold as a going concern and involved the transfer of employees engaged in sales, marketing and operations of the India and Nepal Business, brands, related assets and liabilities, etc. Subsequent to the completion of the transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of 3 (three) years.

Firm counselled to Elder and assisted in deal documentation, negotiations, transaction advise on the transaction, including Banking and Finance, Competition law, Employment Law, Intellectual Property, Tax (Direct and Indirect), and other aspects on the transaction.

The Transaction involved several complicated issues including regulatory issues in pharmaceutical sector.

Team Involved Corporate: Haigreve Khaitan and Bhavik Narsana(Lead Partners) &Mehul Shah, Associate Partner; Banking & Finance: Devidas Banerji, Kumar Saurabh Singh, Associate Partner; Competition Law: Avaantika Kakkar; Direct Tax: Sanjay Sanghvi; Indirect Tax: Dinesh Agrawal, Executive Director; Intellectual Property: Adheesh Nargolkar; Litigation: Sachin Mandlik.