Ahmedabad, Dec 21: Pharmaceutical major Zydus Cadila Wednesday said it has bought out the Mumbai-based Biochem to boost its formulations business.
Biochem has major presence in antibiotics, cardiovascular, anti-diabetic and oncological segments, and Zydus cadila said it has acquired 100 percent stake in it.
‘Biochem represents the right fit as they have a significant presence in our core therapy areas and also adds value to our product offerings in the key growth segments,’ said Pankaj R. Patel, chairman and managing director of Zydus Cadila.
The acquisition would strengthen Zydus’ operations in the pharma sector’s formulations business, Patel said in a statement.
Biochem owns brands like Ampilox, Biotax, Monotax, Amicin and Zithrocin which together constitute 40 percent of sales. It reported sales of Rs.264.5 crore in the last fiscal.
‘The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions,’ said Patel.
Zydus cadila did not disclose the cost of the acquisition.
– Indo-Asian News Service