Processing .....please wait.. 
The article has been forwarded.... 
Piramal to buy Canadian firm's assets
Wednesday, 23 June 2010, 14:30 IST
New Delhi: Drug firm Piramal Healthcare said that it will acquire assets of troubled Canadian medical device firm BioSyntech for about 
17 crore. Piramal, which in 2006 had taken a 17 percent stake in the Canadian firm, said in a statement that it has signed a definitive agreement with BioSyntech to buy its assets.
BioSyntech had sought court protection under solvency proceedings as it was unable to raise further capital for on-going operations and repay debt. "Taking into consideration Piramal Healthcare's interests in the projects of BioSyntech, PHL made a binding offer and the superior court of Quebec allowed the interim receiver to accept this offer," the company said.
Shares of Piramal Healthcare were trading at 493.05 on BSE, up 0.75 percent from its previous close.
Source: PTI
17 crore. Piramal, which in 2006 had taken a 17 percent stake in the Canadian firm, said in a statement that it has signed a definitive agreement with BioSyntech to buy its assets.
BioSyntech had sought court protection under solvency proceedings as it was unable to raise further capital for on-going operations and repay debt. "Taking into consideration Piramal Healthcare's interests in the projects of BioSyntech, PHL made a binding offer and the superior court of Quebec allowed the interim receiver to accept this offer," the company said.
Shares of Piramal Healthcare were trading at 493.05 on BSE, up 0.75 percent from its previous close.
Source: PTI