Dishman earmarks $50 mn for acquisitions in US, Europe

NEW DELHI: Drug firm Dishman Pharmaceutical and Chemicals Ltd on Friday said it has earmarked an amount of $50 million to acquire US and European companies operating in the Contract Research and Manufacturing Services (CRAMS) segment.

The company is presently studying various proposals for possible acquisitions in the US and European markets.

"Our acquisition budget is nearly $50 million and are looking at various firms operating in the CRAMS area in Europe while biotech firms in the US," Dishman managing director J R Vyas told reporters on the sidelines of a CII Life Sciences conference.

The company has appointed research firm Mckinsey and ... as M&A advisors, he said, without divulging any further details.

Dishman expects profits and turnover to grow by nearly 30 per cent during the current fiscal.

"Our overseas operations are growing based on which we have upwardly revised our revenue and profit guidance for the current fiscal by 30 per cent," Vyas said.