Dishman Pharma acquires Swiss Co for $75 mn
Dishman Pharmaceuticals and Chemicals Ltd on Wednesday said it has acquired Swiss Research based company Cabbogen Amcis AG from Solutia Europe (SESA) for over Rs 349.30 crore ($75 million).
By PTI |
MUMBAI: Dishman Pharmaceuticals and Chemicals Ltd on Wednesday said it has acquired Swiss Research based company Cabbogen Amcis AG from Solutia Europe (SESA) for over Rs 349.30 crore ($75 million).
The company paid Solutia Europe over Rs 349.30 crore ($75 million) and took over the shares and assets of Carbogin Amcis through its wholly owned subsidiary in Brussels, Dishman Pharma Solutions AG (DPS), it informed the Bombay Stock Exchange.
The company has taken over Carbogen Amcis as debt free company and the entire transaction is financed through share capital contribution by the company of Rs 104.78 crore (22.50 million dollars) in its Brussels subsidiary and a syndicate loan of Rs 244.52 crore ($52.50 million) to the subsidiary by ICICI Bank and Rabo International through their Singapore Branch, it said.
The company had reached a definitive agreement to purchase the pharmaceutical services business of Solutia Inc. comprised of Carbogen AG and Amcis AG, now merged into one entity in May, this year.
The pharmaceutical services business Solutia has world-class research and development facilities at three sites in Switzerland Aarau, Bubendorl, and Neuland.
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Jointly the Indian and Swiss businesses can serve the entire drug life cycle of 15-20 years. This acquisition would boost the company's contract manufacturing business from Carbogen customers and Dishman would now be the only contract manufacturing organization in India with high potency manufacturing capability.Shares of the company were trading at Rs 203.25, up 1.03 per cent at the BSE.
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