Zydus Cadila has acquired 100% stake in Mumbai-based antibiotics maker Biochem in efforts to boost its formulations business.
Financial terms and conditions of the deal were not disclosed.
The privately held Biochem reported sales of Rs 264.5 crore in 2010-11. Biochem has presence in antibiotics, cardiovascular, anti-diabetic and oncology segments, Cadila said on Wednesday. The company's top five brands -- Ampilox, Biotax, Monotax, Amicin and Zithrocin -- contribute 40% of its sales, it added.
"We have looked at every strategic opportunity to grow and contribute to this market [formulations], either by way of novel initiatives, collaborations or acquisitions," said Pankaj Patel, Zydus Cadila's chairman and managing director.
"Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in the key growth segments," he added.
Cadila Healthcare shares were down 0.1% at Rs 710 in noon trade on NSE.
