Kilitch Drugs (India) agreed to divest its entire shareholding in Ethiopian subsidiary Kilitch Estro Biotech PLC to state-owned HarmeeCare Pharmaceuticals for $14 million.
The transaction aims to optimise the company's portfolio, reduce existing borrowings, lower finance costs, and support the expansion of its manufacturing facility in Pen, Maharashtra.
The company plans to utilize net proceeds for domestic capital reallocation while entering into a long-term supply agreement to maintain its commercial presence in Ethiopia by January 2027.