Kilitch Drugs agrees to $14 million sale of Ethiopian division

Pharmaceutical company Kilitch Drugs is selling its Ethiopian business division in a transaction valued at $14 million.

The strategic sale is designed to free up capital, allowing the firm to redirect financial resources toward expanding its core pharmaceutical operations. A portion of the proceeds generated from the transaction will also be utilized to pay down existing corporate debt.

Furthermore, the divestment facilitates a shift in the company's geographical focus. The newly available funds will be reallocated to pursue higher-growth opportunities within the Indian market.