Orchid Chemicals to acquire US pharma firm

October 30th, 2008 - 8:23 pm ICT by IANS  

Chennai, Oct 30 (IANS) The city-based bulk drug major Orchid Chemicals and Pharmaceuticals will increase its stake in the American drug discovery and development company Diakron Inc to 51 percent this quarter. In August, the company acquired around 43 percent control in Diakron on an investment of $1.7 million.

According to an Orchid official, the Indian company will now acquire a controlling interest on a total investment of $2 million.

Orchid Chemicals closed the first half of this fiscal with a revenue of Rs.6.54 billion and a net loss of Rs.723 million, as against Rs.5.29 billion in earnings and Rs.1.14 billion in profits during the corresponding period the previous year.

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