Financial Daily from THE HINDU group of publications
Saturday, Feb 11, 2006
Financial Daily from THE HINDU group of publications Saturday, Feb 11, 2006 |
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Corporate
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Mergers & Acquisitions Aurobindo pockets Milpharm in UK — 100 per cent shares acquired Our Bureau
Hyderabad , Feb. 10 AUROBINDO Pharma Ltd (APL), the Hyderabad-based pharmaceutical major, has announced that it has acquired the UK-based Milpharm Ltd, the pharmaceutical company engaged in selling generic formulations, mainly in the UK market. The acquisition was facilitated by APL's, UK-based wholly-owned subsidiary Aurex Generics Ltd, which entered into share purchase agreement with Whyte Group Ltd and Iracot Ltd. In a press release here on Friday, APL said under the terms of share purchase agreement, it has acquired 100 per cent shares of Milpharm from Whyte Group and Iracot. Milpharm, is a profit making generic formulation company, owns over hundred approved marketing authorisations (MAs) by Medicines and Healthcare Products Regulatory Agency of UK (UK MHRA). Milpharm recorded a sale of £7.7-million for the 12-month period ended September 30, 2005. The MAs are well diversified into various segments - central nervous system (CNS), cardio-vascular system (CVS), gastro-enterology (GI), diabetology, anti-fungal, anti-bacterial, oncology, macroliads, cephalosporins and semi-synthetic penicillins (SSPs), NSAIDS etc. Milpharm has established relationships in the generic pharmaceuticals and Aurobindo Pharma expects to build on these relationships to participate in the generic pharmaceuticals value chain. APL expects to build on the platform of Milpharm in strengthening the relationships and augmenting the product portfolio for its customers. APL has concluded the foreign currency convertible bonds (FCCB) issue of $60-million in August 2005. The company said some of the proceeds would be used for overseas acquisitions. Milpharm is the first acquisition of Aurobindo Pharma in Europe. The company said it is pursuing the inorganic growth in Europe to reduce the time to market and enhance the relationships in the generic value chain.
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