Marksans Pharma to sell API biz to Kores

MUMBAI (makemystocks): Marksans Pharma Ltd (BOM: 524404) announced that it has entered into a business transfer agreement with Kores (India) for sale and transfer of its Active Pharmaceutical Ingredient (API).

The API will be sold business together with the manufacturing facilities located at Daund district in Pune, Maharashtra as a going concern on the terms and conditions as set out in the agreement.

After hiving off the API business, the company intends to focus more on the international formulation business which has tremendous growth potentials.

The shares of the company rose to 7.25 per cent from the previous close, on the Bombay Stock Exchange (BSE).