Comments
Piramal Enterprises Ltd has sold BST-CarGel, its cartilage repair product, to med-tech company Smith & Nephew, for an undisclosed sum.
The sale was through Piramal Healthcare (Canada) Ltd, the company said.
And through this transaction, an affiliate of Smith & Nephew would acquire ownership of all product and intellectual property assets related to BST-CarGel, it added.
Piramal had acquired this platform technology when in 2010 it had signed an agreement to acquire BioSyntech's assets for a consideration of C$ 3.9 million (estimated ₹17 crore).
The transaction came in the same year that the then Piramal Healthcare had sold its domestic formulations business to Abbott for ₹17,000 crore.
The BioSyntech transaction had given the Piramal group access to the technology of hydrogels, BST-Gel that was a liquid at low temperature and solid at human body temperature, the company officials had then explained.
Used in first-line cartilage repair, the product is used along with micro-fracture and other bone marrow stimulation techniques for the initial treatment of most sizes of focal cartilage tears.
The transaction would not have a “material impact” on its financial performance.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.