Friday, June 30, 2006

Nicholas Piramal flying towards UK

Nicholas PiramalIndian pharmaceutical major, Nicholas Piramal, has signed a pact to buy global pharma giant Pfi zer’s UK facility. The deal has been signed by Nicholas Piramal’s wholly owned UK subsidiary, NPIL Pharmaceuticals (UK) Ltd. (earlier known as Avecia Pharmaceuticals), which will acquire Pfizer’s Morpeth facility in UK, on an asset purchase basis. This is the third in a string of acquisitions by Nicholas Piramal in UK. Earlier, it had acquired Rhodia’s Inhalation Anaesthetics in December 2004 and Avecia’s Custom Manufacturing, in December 2005. With this acquisition, Nicholas Piramal is targetting an annual turnover of $200 million from custom manufacturing.

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