India’s Torrent Pharmaceuticals Ltd (TORP.NS) agreed to buy branded formulations business of rival Elder Pharmaceuticals Ltd (ELDP.NS) in India and Nepal for about 20 billion rupees ($324.1 million) to boost its market share. Elder, which will use the deal proceeds to pare its debt, will continue to manufacture and supply products at existing facilities for Torrent for three years, Torrent said. Elder’s India formulations business comprises a portfolio of 30 brands including in the women’s healthcare, pain management, wound care and nutraceuticals therapeutic segments.
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