Alkem Laboratories announced on December 30 the successful completion of the sale of one of its units in the United States, fetching a total consideration of $7.96 million or Rs 66.26 crore. The specific reason for the unit’s sale was not disclosed by the company.
In an exchange filing, Alkem Labs revealed that, in alignment with its operational strategy, the operations at the St. Louis manufacturing facility in the USA, owned by S&B Pharma LLC (a step-down subsidiary of the company), have been terminated. All rights, title, and interest in the land, improvements, and personal property have been transferred to New Mill Capital Holdings.
The contribution of this unit to the company’s revenue in the last fiscal year amounted to $3.85 million, constituting 0.27 percent on a consolidated basis.
New Mill Capital Holdings, the acquiring entity, operates as a privately-held asset disposition firm with expertise in the acquisition and divestment of excess manufacturing equipment and real estate.