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Unichem plans to sell drug unit to Mylan for $30 million

Source : REUTERS
Last Updated: Fri, Feb 15, 2013 14:34 hrs

MUMBAI (Reuters) - Unichem Laboratories said on Friday it plans to sell a drug manufacturing plant located in central India to a unit of U.S.-based Mylan for 1.6 billion rupees.

The deal is subject to the execution of a definitive agreement between the two drugmakers and regulatory approvals, Unichem said in a statement.

Shares in Unichem Laboratories rose 1.04 percent on Friday to 175.55 rupees when the wider Mumbai market fell 0.16 percent.

(Reporting by Kaustubh Kulkarni; Editing by Prateek Chatterjee)

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