Wandbury eyes overseas for M&As
Wanbury, the world's largest producer of Metaformin, a diabetes control drug, would aggressively look at acquiring companies, both home and abroad, to enhance its position.
By PTI |
MUMBAI: Wanbury, the world's largest producer of Metaformin, a diabetes control drug, would aggressively look at acquiring companies, both home and abroad, to enhance its position.
The company has set its eyes on European markets for acquisition, following acquisition of a controlling stake in Hyderabad based Doctor Organic Chemicals Limited (DOCL) and taking over sick Mumbai based Pharmaceutical Products of India (PPI) at around Rs 24 crore recently.
"We are eyeing acquisitions of European business with sales of 20 to 25 million euro," company Director (Finance) Ashok Shinkar said here in a release.
"We are looking for companies with a steady income stream, with strong generic pharmaceutical and loval marketing strengths," Shinkar added.
Meanwhile, Wanbury, which manages three multi-product plants including two USFDA approved facilities in the country, would merge DOCL with itself.
"The merger deal is an equity swap. DOCL promoters will get a stake in Wanbury for their 49 per cent stake," Shinkar said, adding "the company believes the acquisition of PPI would boost its Active Pharmaceutical Ingredients (API) business.
Mumbai based PPI, a bulk drug maker, had been referred to the Appellate Authority for Industrial and Financial Reconstruction (AAIFR).
PPI has three manufacturing and one formulations facility.
"Wanbury has entered into a scheme of arrangement with banks and financial institutions that hold PPI's assets," he said.
The company has set its eyes on European markets for acquisition, following acquisition of a controlling stake in Hyderabad based Doctor Organic Chemicals Limited (DOCL) and taking over sick Mumbai based Pharmaceutical Products of India (PPI) at around Rs 24 crore recently.
"We are eyeing acquisitions of European business with sales of 20 to 25 million euro," company Director (Finance) Ashok Shinkar said here in a release.
"We are looking for companies with a steady income stream, with strong generic pharmaceutical and loval marketing strengths," Shinkar added.
Meanwhile, Wanbury, which manages three multi-product plants including two USFDA approved facilities in the country, would merge DOCL with itself.
"The merger deal is an equity swap. DOCL promoters will get a stake in Wanbury for their 49 per cent stake," Shinkar said, adding "the company believes the acquisition of PPI would boost its Active Pharmaceutical Ingredients (API) business.
ADVERTISEMENT
Mumbai based PPI, a bulk drug maker, had been referred to the Appellate Authority for Industrial and Financial Reconstruction (AAIFR).
PPI has three manufacturing and one formulations facility.
"Wanbury has entered into a scheme of arrangement with banks and financial institutions that hold PPI's assets," he said.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
