Aurobindo Pharma, a mid-size pharmaceutical company has divested its step-down subsidiary, Aurobindo Pharma (Australia) to Eris Pharma Australia.
The pharma firm will, however under an agreement continue to manufacture and supply the products to Eris Pharma for Australian and New Zealand market over next few years.
This divestment is in line with Aurobindo's strategy of focusing on US, EU and key emerging markets. This subsidiary was not contributing any profit to Aurobindo.
Shares of the company gained Rs 10.7, or 0.81%, to trade at Rs 1,335.20. The total volume of shares traded was 82,771 at the BSE (12.44 p.m., Friday).