Business Daily from THE HINDU group of publications
Wednesday, May 30, 2007
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Business Daily from THE HINDU group of publications Wednesday, May 30, 2007 ePaper |
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Corporate
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Overseas Investments Strides enters fermentation biz; buys Italian company's unit Our Bureau
Bangalore May 29 Strides Arcolab Ltd has announced its foray into the fermentation business through an Italian acquisition. It said it had agreed with the shareholders of Disapa S.p.A to acquire their USFDA-approved fermentation facility near Milan. It did not disclose the transaction details.
Forming SPV in Italy
The acquisition would be made through an SPV formed in Italy and owned by Strides Arcolab International Ltd and subject to closing terms and necessary approvals. The acquisition, it said, would spearhead Strides' entry into the niche segment of fermentation. It will facilitate backward integration for a significant part of the company's dosage form business.
US FDA facilities
Mr Arun Kumar, Vice-Chairman and Managing Director of Strides Arcolab Group, said, "The acquisition on closure will give Strides immediate access to a US FDA and EU approved facility with strong history of technology and fermentation skills. A significant part of Strides' dosage form businesses is based on fermentation active pharmaceutical ingredients (APIs). Diaspa delivers the integration needs for Strides in this crucial space. "We further intend to harness the existing customer base and product capabilities of Diaspa and aim to become a leading player in the fermentation space. The Diaspa acquisition also brings along a strong technology and management bandwidth."
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