Themis Medicare Limited cancelled the acquisition of remaining 76.8% stake in Gujarat Themis Biosyn Limited.
Published on 13/06/2025 at 22:06
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Themis Medicare Limited (BSE:530199) agreed to acquire remaining 76.8% stake in Gujarat Themis Biosyn Limited (BSE:506879) for INR 26.9 billion on November 18, 2024. As per the transaction, Themis Medicare Limited will issue 118 shares for every 100 shares to the shareholders of Gujarat Themis Biosyn Limited. The transaction is approved by board of directors of Themis Medicare Limited and Gujarat Themis Biosyn Limited and is subject to receipt of requisite approvals from the National Company Law Tribunal, stock exchanges, Securities Exchange Board of India, requisite statutory and regulatory authorities and the respective shareholders and creditors under applicable laws. KJMC Corporate Advisors (India) Limited (BSE:532304) acted as fairness opinion provider to Gujarat Themis Biosyn Limited. Hiten Kotak, Mehul Shah and Bhavin Vora of Khaitan & Co acted as legal advisor to Gujarat Themis Biosyn Limited and Themis Medicare Limited.
Themis Medicare Limited (BSE:530199) cancelled the acquisition of remaining 76.8% stake in Gujarat Themis Biosyn Limited (BSE:506879) on June 13, 2025. The Board of Directors of the Company at its meeting held today, deliberated and decided to revisit all its strategic options. After considering the changed business scenario, the Board of Directors are of the view that the Company may be able to deliver better value to all stakeholders by leveraging its core strengths. Consequently, the Board of Directors reconsidered their earlier decision of merger of the Company with the Transferee Company and resolved not to proceed with the Scheme. The Board of Directors therefore approved the withdrawal of the Scheme as permitted under Clause 21 of the Scheme.
Themis Medicare Limited is a research-based pharmaceutical company, which is engaged in the manufacturing of pharmaceutical products, especially in formulation and active pharmaceutical ingredients (API) activity. The Company operates through one segment: Pharmaceuticals. The Company manufactures therapeutic pharma products, differential healthcare products, and APIs based in India. The Company specializes in manufacturing a range of products for application areas like pain management, critical care and anti-infectives. Its analgesic and anti-inflammatory products include Aquadol Tpm Gel, Etojet 90 10'S, Etojet 120 10'S, Etojet Mr Tablets 10'S, Etojet XP Gel, Themidol-P Tab 10's, Dhoom, Aquadol inj, Dyloaqua inj, Joydol -P, Joydol -SP, Joydol -TH, and Nimujet Gel. Its Analgesics products include Anemol, Tazowin, Themidol, Themidol. Its Anesthesia products include Bupicaine 0.25%, Ketmin 2 Vial, Ketmin 5, Ropicaine 2, Themicaine 2%, and more.
