Claris Lifesciences to sell 20 percent stake in joint venture to partner Otsuka for $20 million - (livemint.com via NewsPoints Desk)

  • The board of Claris Lifesciences approved the sale of its 20-percent stake in the joint venture Otsuka Pharmaceutical India to Otsuka Pharmaceutical Factory for $20 million, livemint.com reported Monday.

  • "As a long term strategic business decision, the company has decided to disinvest its entire stake in the joint venture company," Claris stated.

  • "This divestment is timely, in fact a bit earlier than we expected," noted Nirmal Bang Securities analyst Vishal Manchanda, adding "we can now look forward to the company devising an efficient mechanism to return cash to minority shareholders post the closure of injectables business divestment to Baxter."

  • Last month, India's Foreign Investment Promotion Board approved Claris' agreement to sell its global generic injectables business to Baxter for $625 million.

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