Business Daily from THE HINDU group of publications
Thursday, Jul 13, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 13, 2006 |
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Corporate
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Mergers & Acquisitions Industry & Economy - Pharmaceuticals Aurobindo acquires US facility Our Bureau
Hyderabad , July 12 Aurobindo Pharma Ltd has acquired a US-based FDA compliant cGMP facility in Dayton in the state of New Jersey from a multinational major. In a press release here, the company said the US facility is spread over 20 acres of freehold land and is located in the heart of Princeton Life Sciences Corridor in the state of New Jersey. However, the company did not disclose the acquisition cost. The campus comprised one-lakh square feet of fully integrated R&D, formulation manufacturing and distribution facilities with potential for future expansion. The company said this facility would serve as its US headquarters.
Commitment to US
The Aurobindo Pharma Chairman, Mr Ramprasad Reddy, said this purchase reinforces the company's commitment to serve US market in an effective manner. Apart from using the US facility for manufacturing products that could not be produced at its Indian facilities, the company would also utilise the New Jersey facility for customised packaging of its Indian production for sale in the US markets, the Aurobindo Pharma Director, Mr Lanka Srinivas, told Business Line. The company would use a part of the $200 m FCCBs proceeds it recently raised for the US purchase. Stating that the cost of US acquisition would be below $25 million, Mr Lanka Srinivas said the company would go in for further acquisitions in the near future using close to $175-million funds still left. "The focus of acquisitions would now be on the European markets," he said.
More Stories on : Mergers & Acquisitions | Pharmaceuticals | Overseas Investments
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