The move follows Reckitt Benckiser’s global acquisition of Alliance Boots’ over-the-counter healthcare business, with The Boots Company being a subsidiary of Alliance Boots.
Instead of paying the Boots Company for the 51% stake, it is understood that Nicholas Piramal will receive a payment of INR17.8 crore from its erstwhile partner, as the company will be taking over Boots Company’s liabilities.
Nicholas Piramal, India’s fourth largest pharmaceutical company, will now reposition the subsidiary, which will have a new name, consolidating its existing product line along with all the non-prescription drugs of the parent company.