Elder Pharmaceuticals appoints Deloitte to rejig business

NEW DELHI: Elder Pharmaceuticals has appointed consulting firm Deloitte for restructuring the company and its brands including ‘Eldervit’ following the sale of its formulation business to Torrent Pharmaceuticals for Rs 2,004 crore.

The company’s overall strategy is to focus on its remaining brands, including Eldervit and Somazina, and position itself further in the growing nutraceuticals segment by launching more products, Elder Pharma said in a statement on Wednesday. As per the deal, major chunk of Elder Pharma’s employees will be joining Ahmedabad-based Torrent Pharmaceuticals after March 31 and would need an organisational restructuring. It will be part of Deloitte’s consultancy job, the statement added.

At the same time, it would explore the possibility of entering new therapeutics areas, said Elder Pharma.