Sun Pharma and Cadila, along with two other pharma firms, invest around Rs. 40 crore each in ABCD Technologies :
Four drug majors have recently announced that they have subscribed to partnership interest in a healthcare services firm. The drug majors involved are Sun Pharma, Cadila Healthcare, Lupin, and Torrent Pharma. These companies have invested around Rs. 40 crore each in ABCD Technologies LLP[1].
ABCD Technologies is a recently incorporated limited liability partnership. It has not commenced any business activities. This firm will soon be renamed as IndoHealth Services LLP. [5]
Sun Pharma and Cadila have expressed that one of the wholly–owned Indian subsidiaries has also subscribed. This was for the partnership interest in ABCD Technologies LLP.
About IndoHealth Services
As per the reports, this acquisition (proposed as IndoHealth Services) aims to facilitate, enable, and promote India’s efficient and good distribution practices. Digitizing India’s healthcare infrastructure, inter alia, in support of the National Digital Health Mission of GoI[2] is another objective of this partnership.
Each of the four pharma majors is investing Rs—40 crore in the target entity. The cash infusion is being considered to be the capital contribution by the four major firms.
Sun Pharma and Cadila Healthcare stated that Rs. 40 crore accounts for the 20 percent share of profit or loss in the target entity. However, Lupin and Torrent Pharma said that their Rs. 40 crore investment is for up to 20 percent of the share of profit or loss in the target entity.
Abbreviation:
- 1. Limited Liability Partnership
- 2. Government of India
- Pharma News – 23.01.2023 to 29.01.2023
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