Aurobindo Pharma acquiring 51% stake in vet drug firm Cronus

The acquisition, at ₹ 420 crore, will provide it a foothold in the $48 billion global animal health market

Aurobindo Pharma is acquiring 51% stake in Hyderabad-based generic veterinary pharmaceutical products firm Cronus Pharma Specialities India for ₹420 crore. The acquisition, expected to be completed in eight weeks, will provide it a foothold in the $48 billion global animal health market, Aurobindo said on Thursday. Cronus Pharma has a manufacturing facility focused on veterinary pharmaceutical products for regulated markets in SEZ, spanning 10 acres. The plant will commence commercial production on getting regulatory approval. The firm has 67 products in its pipeline, of which 22 have been filed and six approved by the Centre for Veterinary Medicine, USFDA. Noting it has entered into definitive agreement for the acquisition, Aurobindo said Cronus is also a CRO and has a wholly owned subsidiary in the U.S.