Drug firm Aurobindo Pharma Ltd today in a regulatory filing has said that its ₹420-crore deal to acquire 51 % stake in Cronus Pharma Specialities India Pvt Ltd (Cronus) has been cancelled.
Hyderabad-based Cronus Pharma which is into the development, manufacturing and sale of generic veterinary pharmaceutical products had entered into definitive agreements with Aurobindo Pharma in which the latter was to subscribe to fresh equity shares.
Aurobindo Pharma said, "The board of directors in its meeting held today has approved the termination of the aforesaid agreements, and the parties have mutually agreed and terminated the said agreements," said in a regulatory filing.
It, however, did not disclose the reasons for the termination of the proposed deal.
At the time of the announcement of the deal, Aurobindo Pharma had said the acquisition would provide it with a foothold in the $48 billion global animal health market.
Cronus has 67 products in its pipeline, of which 22 have been filed and six have been approved by the Centre for Veterinary Medicine, USFDA.
