Piramals Not To Make Generic Drugs For Sale In India For 8 Years
Piramal Healthcare Ltd. (500302.BY) said Friday its founders
have agreed not to make generic drugs to sell in India for a period
of eight years as part of the company's deal to sell its
India-branded generic drugs business to Abbott Laboratories
Earlier in the day, Piramal Healthcare agreed to sell the
business to Abbott Laboratories (ABT) for about $3.72 billion.
The start of the eight-year period will begin the date the deal
closes, which is expected in the second half of 2010.
The founders will not engage in the manufacture and sale of
these products in emerging markets either, the Indian
pharmaceutical maker said in a statement.
By Rumman Ahmed, Dow Jones Newswires; 91-9845104173;