Kilitch Drugs to sell Ethiopian unit for $14 million

Kilitch Drugs (India) will sell its entire stake in Ethiopian subsidiary Kilitch Estro Biotech to state-owned HarmeeCare Pharmaceuticals in a $14 million deal. The company plans to use the proceeds to cut borrowings and expand its new plant at Pen, Maharashtra, which will make injectable vials and eye drops. It will keep an Ethiopian presence through a long-term supply agreement.