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Cadila Health buys German animal healthcare co

Cadila Health buys German animal healthcare co
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First Published: Wed, Jul 27 2011. 06 17 PM IST
Updated: Wed, Jul 27 2011. 06 17 PM IST
Mumbai: Drugmaker Cadila Healthcare said on Wednesday it has acquired Germany’s Bremer Pharma GmBH for an undisclosed sum to expand its animal health business and gain access to key markets across Europe, South America, Asia and Africa.
Cadila’s fully-owned unit Zydus Animal Health has signed an agreement with ICICI Venture, the private equity arm of ICICI Bank , to acquire 100% holding of Finest Procuring Solutions, which in turn holds 100% in Bremer Pharma, the Indian drugmaker said in a statement.
The agreement includes transfer of all assets, people, brands and export contracts of Bremer, it said adding the global animal healthcare business is valued at $20 billion.
“Bremer’s high quality, generic veterinary pharmaceutical business and extensive presence in the global markets will help us leverage our strengths and add new dimensions to our growth in the animal health business,” Pankaj Patel, chairman and managing director, Cadila Healthcare, said in a statement.
“We see this as an opportunity to catapult our business to higher levels of excellence.”
Bremer Pharma has over 500 registrations and an extensive network of distributors in more than 50 countries, Cadila said in a statement.
The company has well established research facilities and infrastructure for manufacturing powders, tablets, liquid and parenterals in Germany, it said.
Cadila had said in June its unit would pay $60 million in cash to buy the generics business of US-based K-V Pharmaceutical Co.
Shares of Cadila Healthcare, valued at Rs 18,318 crore, closed at Rs 896.50 on Wednesday, up 0.2% in a weak Mumbai market.
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First Published: Wed, Jul 27 2011. 06 17 PM IST