Tillomed Laboratories, a subsidiary of Emcure Pharmaceuticals (NSE:EMCURE, BOM:544210) has agreed to acquire the product portfolio of UK-based Manx Healthcare and its subsidiaries Manx Pharma and Manx Generics for 19.7 million pounds sterling, according to a Friday filing to the Indian stock exchanges.

Tillomed will acquire Manx's product portfolio including intellectual properties and relevant stocks.

Under the agreement, a payment of 6.2 million pounds sterling will be made upfront, and the remaining will be through milestone payments over the next 18 months.

Shares of the company were down nearly 4% in recent trade.