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Aurobindo Pharma to acquire U.K's Milpharm
By agencies
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Friday, 10 February 2006, 20:30 IST
MUMBAI: Aurobindo Pharma Ltd said that it would buy the U.K.Â’s generics drug firm Milpharm Ltd. However, the company didnÂ’t disclose the amount involved in acquisition.
Milpharm had revenues of 7.7 million pound sterling in the year to September 2005, Aurobindo said in a statement. Aurobindo will use a part of the proceeds from a $60-million convertible bond issue raised in 2005, it said.
Under the terms, Aurobindo has entered into an agreement with the U.K.'s Whyte Group Ltd. and Iracot Ltd. to acquire 100 percent of Milpharm. This is Aurobindo's first European acquisition.