Luoxin Aurovitas Pharma (Chengdu) Co., Ltd.

Mumbai: Aurobindo Pharma has announced to acquire additional 20 per cent stake in Chinese joint venture , Luoxin Aurovitas Pharma for $5.125 million in cash. In a stock exchange filing, the Hyderabad-based drugmaker informed that its wholly-owned subsidiary, Helix Healthcare B.V., has entered into a binding agreement with Shandong Luoxin Pharmaceutical , the joint venture partner in Luoxin Aurovitas Pharma to acquire 20 per cent additional ownership in the company. According to the company, the object of the acquisition is to expand manufacturing to economies of scale by adding two high Speed Lines and cater to market demand. The proposed 20 per cent stake would be acquired within the next three months and Aurobindo also holds the right to acquire balance 50 per cent stake by December 2029 at an agreed price of $18.86 million. Luoxin Aurovitas was set up in 2019 with a 30:70 ownership split and manufactures inhalation products in China. In the last fiscal (FY24-25), it recorded a turnover of ‘$2.34 million’ and has a net worth of ‘$15.29 million.’ By Online Bureau ,