India's Torrent Pharmaceuticals Ltd. agreed to buy the branded formulations business of rival Elder Pharmaceuticals Ltd. to boost its market share. Torrent has acquired the Elder unit for INR20 billion ($324.1 million). According to a report by Reuters, Elder will continue to manufacture and supply products at existing facilities for Torrent in the next three years. Elder will use the proceeds from the deal to pare its debt. 

Elder's India formulations business comprises a portfolio of 30 brands. This includes drugs used for women's healthcare, pain management and wound care. Elder's products are also used in nutraceuticals therapy, which uses vitamins and minerals, food extracts and other natural ingredients for medical purposes, the report said. 

Torrent will fund the acquisition through a combination of internal accruals and bank borrowings, Reuters said. 

Elder said in July that its board had approved the restructuring of its business by either raising capital, hiving off assets or through other strategic options to reduce debt, the report said. Sanofi SA's India unit and private equity firm Carlyle Group were also previously in talks with Elder to buy its formulation business, Reuters added in its report.