Torrent Pharma board approves Zyg Pharma's amalgamation

NEW DELHI: Torrent Pharmaceuticals today said its board has given nod to the scheme of amalgamation of its subsidiary Zyg Pharma with the company.

The Board of Directors of the company "has approved the scheme of amalgamation of Zyg Pharma Pvt Ltd a wholly owned subsidiary of the company with Torrent Pharmaceuticals", the company said in a filing to the BSE.

The amalgamation is subject to regulatory approvals ,it added.

The proposed amalgamation would result in concentrated management focus and synergies of operations and facilitating inter transfer of resources and optimum utilisation of assets among others, Torrent said.

The Torrent Group flagship firm is present in the therapeutic areas of cardiovascular, central nervous system, gastro-intestinal, diabetology, anti-infective and pain management.

Zyg Pharma is engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions and solutions.

Torrent stock closed at Rs 1,511.10, down 2.37 per cent, on the BSE.