Pharmaceutical company Nectar Lifesciences (NSE:NECLIFE, BOM:532649) has agreed to sell its core business division--comprising the manufacture, distribution, and marketing of active pharmaceutical ingredients (APIs) and formulations--to Ceph Lifesciences for 12.70 billion Indian rupees, according to a Tuesday filing to the Indian bourses.
The company has also agreed to sell its menthol business assets to Ceph Lifesciences for 200 million rupees.
The transactions are expected to be completed by Sept. 25.
The move is part of the company's long-term strategy to streamline its operations and strengthen its financial position.
The company plans to use the proceeds from the sale to repay existing debt, invest in new and emerging business, reward shareholders, and to fund future corporate and growth initiatives.
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