Khaitan & Co advised Elder Pharmaceuticals Limited (“Elder”) in relation to proposed sale of some of Elder’s branded domestic formulations business in India and Nepal, to Torrent Pharmaceuticals Limited by way of a slump sale for a lump sum consideration of USD 324 million approximately. The business will be sold as a going concern and will involve transfer of employees engaged in sales, marketing and operations of the India Business, etc. Pursuant to the transaction, Elder will continue to manufacture and supply the products at its existing manufacturing facilities for Torrent for a period of 3 years.

Firm acted as Legal counsel 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.

Haigreve Khaitan and Bhavik Narsana led the transaction with specialist inputs from Partners from various practice areas.