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.