Business Daily from THE HINDU group of publications
Wednesday, Jul 05, 2006
Business Daily from THE HINDU group of publications Wednesday, Jul 05, 2006 |
|
|
|
|
|
|
|
Corporate
-
Mergers & Acquisitions Indoco acquires La NovaChem Our Bureau
Mumbai , July 4 Indoco Remedies Ltd has acquired La NovaChem's bulk-drug manufacturing facility at Patalganga, Maharashtra. The acquisition is through acquiring the shares of La NovaChem (India) Pvt Ltd, the company that owns the facility, making La NovaChem a 100 per cent subsidiary of Indoco. La NovaChem's bulk-drug facility is the reason why Indoco went in for an acquisition, a top-executive with Indoco told Business Line. The plant is built on standards set by the US regulatory authority, the Food and Drug Administration (FDA). Indoco will look to apply for US FDA approval and this will "crunch our timelines by about 15 months," the executive said. The acquisition of La NovaChem facility is part of Indoco's strategy to build its in-house bulk-drug manufacturing capability both for the domestic business, as well as exports. Indoco recently commissioned its newly set-up research centre at Rabale near Thane, which primarily targets bulk-drug synthesis and development and is also equipped with a kilo-lab facility.
Eying US, Europe
Meanwhile, Indoco is looking to expand its business from other geographies, such as the regulated markets of US and Europe. Indoco's Goa plant for sterile ophthalmic preparations has been approved by the USFDA. It will facilitate the production and export of the company's ophthalmic preparations to the US. Indoco has signed agreements with two generic companies in the US and will supply products from the Goa facility. The company is looking at filing a total of seven abbreviated new drug applications by December 2006, a note from the company said. The market size of the products is about $1.1 billion. Indoco recorded revenues of Rs 215.78 crore for the year ended June 2005. Indoco shares closed at Rs 249.85, up 1.77 on the BSE.
More Stories on : Mergers & Acquisitions | Pharmaceuticals
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|