Orchid Chemicals to acquire U.S. pharma firm

Thursday, 30 October 2008, 07:00 Hrs
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Chennai: The city-based bulk drug major Orchid Chemicals and Pharmaceuticals will increase its stake in the American drug discovery and development company Diakron Inc to 51 percent this quarter.

In August, the company acquired around 43 percent control in Diakron on an investment of $1.7 million.

According to an Orchid official, the Indian company will now acquire a controlling interest on a total investment of $2 million.

Orchid Chemicals closed the first half of this fiscal with a revenue of 6.54 billion and a net loss of 723 million, as against 5.29 billion in earnings and 1.14 billion in profits during the corresponding period the previous year.
Source: IANS
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