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JB Chemicals has successfully completed its transaction of sale of Russia-CIS OTC Business to Cilag GmbH International, Switzerland, a wholly owned subsidiary of Johnson & Johnson along with transfer of worldwide rights and registrations of three OTC brands namely Doktor MOM, Rinza and Fitovit.
On 23 May 2011, the board of directors had approved the sale of this business and OTC brands to Cilag. The company's Russian subsidiary has also achieved successful completion of its transaction of sale of OTC inventory and receivables to Johnson & Johnson LLC, a Cilag's affiliate.
Following successful completion of customary conditions, the company has received, in terms of various transaction documents, a consideration of about Rs 738 crore and an agreed portion of the consideration in escrow account. Likewise, the company's Russian subsidiary has received consideration of about $35 million.
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