Piramal Healthcare acquires US firm for $40 mnDecember 23rd, 2008 - 6:57 pm ICT by IANS
Mumbai, Dec 23 (IANS) Indian pharma major Piramal Healthcare will acquire Minrad Inernational Inc of the US for approximately $40 million, a top company official said here Tuesday.”This alliance will give us immediate entry into the US market for sevoflurane, the largest selling inhalation anaesthetic in that country and access to key IPR for manufacture of inhalation anaesthetics, including sevoflurane and desflurane,” said Piramal group chairman Ajay Piramal.
“Though there is general global meltdown, the pharmaceutical and healthcare industry is spared of the crisis. In fact, we feel this is the right time for such a major decision,” Piramal told IANS on the sidelines of a media conference.
After the merger, the combined company will have a marketing and sales network spread across 108 countries - “consistent with our commitment to build a serious global presence in Critical Care,” he added.
Piramal has provided Minrad with a senior secured loan of $12 million to provide the US company with capital for operations during the period preceding the closing of the merger.
Upon closing of the merger, Piramal expects the transaction to be accretive to its earnings for the fiscal year ending March 31, 2010.
Commenting on the decision of the US Food and Drugs Administration (USFDA) to open a branch in India next month, Piramal said: “It is a welcome move, and will immensely help companies like ours that are doing business in the US.”
The USFDA office here will help Indian companies get various approvals faster, and factory inspections would be more frequent speeding up clearances, Piramal said.
Piramal Healthcare, one of India’s largest pharmaceutical companies, is currently ranked fourth in the Indian market with consolidated revenue of $580 million in 2007-2008. The Piramal Group turnover exceeded $900 million during the same period.
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Tags: consolidated revenue, drugs administration, fiscal year ending march, global meltdown, global presence, group turnover, inhalation anaesthetic, pharmaceutical companies, piramal group, welcome move