Latest News | Famy Life Sciences Promoter Taparia Family Sells Ophthalmology Biz to Viatris for Rs 2,500 Crore
Get latest articles and stories on Latest News at LatestLY. Nasdaq-listed Viatris on Monday announced the acquisition of Famy Life Sciences' ophthalmology business for Rs 2,500 crore.
Mumbai, Nov 7 (PTI) Nasdaq-listed Viatris on Monday announced the acquisition of Famy Life Sciences' ophthalmology business for Rs 2,500 crore.
The city-based Taparia family, promoters of Famy, will retain the non-ophthalmic business consisting of oncology and other therapeutic areas, as per an official statement.
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This is the second big exit for the family after the Rs 5,000-crore sale of women's healthcare business Famy Care in 2015, as per the statement. The Taparia family was in news in 2016 for buying a 11,000-square feet duplex apartment in the central business district of Bandra Kurla Complex for Rs 60 crore.
"Viatris has been an excellent partner and this transaction creates a strong demonstration of value creation for an Indian company in the global innovation life sciences space," Famy Life Sciences' promoters Sanjeev and Ashutosh Taparia said.
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The company's directors Nidhi Agarwal and Anjali Biyani said they continue to see tremendous opportunities in the healthcare space which they will continue to pursue.
Viatris is taking over a business consisting of a strong ophthalmic portfolio of phase 3 clinical assets in diseases such as dry eye, presbyopia and blepharitis, the statement said.
There are unmet or under-served needs that can provide relief to large patient populations, it said, adding that 18 million people in the US alone get diagnosed with dry eye annually.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)