Business
India’s Kilitch Drugs to Sell Ethiopian Pharmaceutical Plant
BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Kilitch Drugs has agreed to sell its Ethiopian antibiotic manufacturing plant to state-owned HarmeeCare Pharmaceuticals for 14 million US dollars as the Indian company refocuses on domestic investments.
- Kilitch Drugs India Limited has approved the sale of its Ethiopian subsidiary, Kilitch Estro Biotech PLC, to HarmeeCare Pharmaceuticals for 14 million US dollars.
- HarmeeCare Pharmaceuticals is a public enterprise established by Ethiopia’s Oromia Regional State.
- The transaction is expected to be completed by January 31, 2027, subject to regulatory and shareholder approvals.
- Kilitch will receive approximately 12.86 million dollars, with the remainder linked to settling the subsidiary's financial obligations.
- The facility, located in the Oromia Special Zone, is described as Africa’s largest cephalosporin manufacturing plant and began commercial operations in January 2022.
- The Ethiopian subsidiary generated turnover of 475.7 million rupees for the financial year ended March 31, 2026, but reported a negative net worth of 84.3 million rupees.
- Kilitch plans to use the sale proceeds to reduce borrowings and fund the expansion of its manufacturing facility in Pen, Maharashtra, focusing on GLP-1 therapies.
- Kilitch has proposed a long-term supply and technical services agreement with HarmeeCare to maintain commercial ties with the Ethiopian operation.
Related
Ethiopian Agritech Firm Lersha Wins Top Africa Award
BirrMetrics · 4 hours ago
Dangote Refinery Opens New Investment Route
BirrMetrics · 55 minutes ago
Mastercard Deploys AI and Tokenization to Secure Ethiopia's Digital Payments
Capital Ethiopia · 60 minutes ago
Commercial Bank of Ethiopia Moves into EV Charging Infrastructure
BirrMetrics · 2 days ago