Four pharma majors invest in ABCD Technologies

Drug majors Sun Pharma, Lupin, Cadila Healthcare and Torrent Pharma on Thursday said they have subscribed to partnership interest in healthcare services firm ABCD Technologies which will be renamed as IndoHealth Services.

The four pharma majors are investing Rs 40 crore each in the target entity, which is a recently incorporated limited liability partnership and has not commenced any business activities, they added.

Sun Pharma and Cadila Healthcare said one of the wholly owned Indian subsidiaries have subscribed to partnership interest in ABCD Technologies.

The objective of the acquisition is to facilitate, enable and promote efficiency and good distribution practices, including digitising healthcare infrastructure in India, inter alia, in support of the National Digital Health Mission of Government of India, the regulatory filings said.

The nature of consideration is cash infusion as capital contribution and Sun Pharma, Lupin, Cadila Healthcare and Torrent Pharma are investing Rs 40 crore each in the target entity, they added.

While Sun Pharma said and Cadila Healthcare said that Rs 40 crore is for 20 per cent share of profit/ loss in the target entity, Lupin and Torrent Pharma said Rs 40 crore is for up to 20 per cent share of profit/loss in the target entity.