Drug firm Torrent Pharmaceuticals has inked an agreement to fully acquire Zyg Pharma, part of Encore Group, for an undisclosed amount.
“The company has signed a share purchase agreement to acquire 100 per cent stake in Zyg Pharma Pvt Ltd, a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions and solutions,” Torrent Pharmaceuticals said in a filing to the BSE.
Zyg Pharma, part of Encore Group, is promoted by the Merchant family.
“Torrent will fund acquisition through internal accruals,” the company said.
The acquisition will help the company strengthen its position in niche dermatological segment, especially in developed markets like the U.S. and Europe, Torrent Pharmaceuticals said.
“The transaction has been approved by the Board of Directors of both the companies,” it added.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.