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Nicholas Piramal India which is Rs, 1,230-crore domestic pharma major has made its second overseas acquisition. The company has brought British custom manufacturing firm, Avecia Pharmaceuticals,for £9.5m. Avecia Pharmaceuticals,which is part of the UK-based Avecia Group,provides custom chemical synthesis and manufacturing services for innovator pharmaceutical and biotechnology companies.It had consolidated sales of £36.1m in 04. Ajay Piramal , chairman said this acquisition would help the company in its plan to emerge as a significant player in the custom manufacturing space. This acquisition will make it possible for the company to provide custom synthesis of biotech products such as statins and enzymes. He further said"The Canada entity has strong relationships with with many small and mid-size companies in the US, which we did not have earlier." The company has three business entities located in the UK AND Canada. Avecia Pharmaceuticals ,UK, focuses on custom chemical synthesis for molecules undergoing trials, manufacture of advanced intermediates. It is also involved in process development, and manufacturing of specialised products such as hormones and cytotoxic bulk drugs. Reaxa, in which Avecia holds 25%, houses key new proprietary technology, developed by Avecia Pharmaceuticals in collaboration with Cambridge University over a six- year period. The company was acquired by private equity funds managed by Cinven and InvestCorp International from Astra Zeneca in 1999. |
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| Posted : 10/28/2005 |
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