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Orchid Pharma gets CDR Empowered Groups nod to restructure debt


Business Standard reported that Orchid Chemicals and Pharmaceuticals gained approval for a debt restructuring package for the company.

The move will allow the drugmaker to sell some of its assets and businesses to Hospira, a transaction that was cleared by Orchid’s board of directors on Saturday.

«The approval of the…package will facilitate the completion of the transfer of the penicillin and carbapenem API (active pharmaceutical ingredient) business to Hospira and bring in working capital from the deal," remarked K Raghavendra Rao, Orchid’s chairman.

Source: firstwordpharma.com

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