Nicholas Piramal eyes drug cos in US, Europe

MUMBAI: Drug major Nicholas Piramal India is on the prowl for acquisition opportunities in the US and in Europe to expand the customer base and technology range of its contract manufacturing business, its chief said. The company also announced on Tuesday that its board had approved a major rebranding exercise. Nicholas Piramal India will be known as Piramal Healthcare, while the group companies Wellspring and Gujarat Glass are to be renamed Piramal Diagnostic Services and Piramal Glass, respectively.

The company���s contract manufacturing business will be known as Pharma Solutions and the company���s research company, NPIL Research & Development, will become Piramal Life Sciences.

���We are looking for acquisitions both in the US and in Europe, but the emphasis is largely on the US,��� said Piramal group���s chairman Ajay Piramal. The Mumbai-based drug maker had taken over last year Pfizer���s Morepeth plant in the UK for about $50 million, a few months only after announcing the acquisition of custom-manufacturing company Avecia Pharmaceuticals for about $25 million.

The company���s contract manufacturing business recorded revenues of Rs 1065 crore last fiscal, and of about Rs 946 crore for the nine months ended December 31, 2007.