Zydus Cadila has acquired 100% stake in Mumbai-based Biochem Pharmaceutical Industries, one of the top 40 pharma companies in India, reports Express Pharma.
The acquisition strengthens Zydus’ operations in the Indian pharma market. Speaking on the latest acquisition, Mayank Shah, Joint Managing Director, Biochem Pharmaceutical Industries said, “Now, Zydus will be able to take Biochem to greater heights given their strength. Biochem has a good fit with Zydus as the products complement each other and add value to their product offerings in key growth segments.”
Biochem Pharmaceutical Industries is a well-integrated pharma player with a presence in the antibiotics, cardiovascular, anti-diabetic and oncological segments. Biochem has reported sales of Rs 264.5 crore for the year 2010-2011. Established in 1959, Biochem has proven strengths in manufacturing and marketing of antibiotics. The top five brands of the company are Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute to 40 per cent of the company’s sales.
The deal was facilitated for Biochem and its promoters by Ranga Iyer, a healthcare consultant now and formerly Managing Director of Wyeth, and the financial advisors for the promoters were Enam Securities.
Pankaj R Patel, Chairman and Managing Director, Zydus Cadila said, “The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions. Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments.”
Source: Money Control