Dishman to buy U.S based Solutia pharma

By agencies   |   Wednesday, 24 May 2006, 07:00 Hrs
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MUMBAI: Ahmedabad based Dishman Pharmaceuticals and Chemicals Ltd said it will acquire the pharmaceutical services business of the U.S based Solutia Inc for $74.5 million. The company has signed an agreement for purchasing 100 percent stake in CarboGen and Amcis Solutia Inc's pharmaceutical services division, Dishman said in a statement. The acquisition includes other assets used in the pharmaceutical services business, for a consideration of $74.5 million, including a working capital of $8 million, it said. To enhance the business prospects of the newly acquired entity, Dishman said it would expand the product suite and renew focus on key accounts to increase the scale of operations jointly by the Indian and Swiss businesses, which can serve the entire drug life cycle of 20 years. This acquisition will boost the company's contract manufacturing business from CarboGen customers, it added. The pharmaceutical services business has research and development facilities at three sites in Switzerland with integrated platform, which provides seamless solutions to the world's leading pharmaceutical and biotechnology companies, it said. Last year, the business had a turnover of approximately 80 million Swiss Franc. This transaction, however, is subject to regulatory approvals, including the bankruptcy court overseeing Solutia's re-organization, it added

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