Shilpa Medicare to Acquire LOBA Finchemie of Austria

by Medindia Content Team on  October 16, 2007 at 8:12 PM Corporate News
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Shilpa Medicare to Acquire LOBA Finchemie of Austria
Shilpa Medicare Ltd. has entered into a memorandum of understanding (MoU) with LOBA Finchemie AG, Austria, to acquire 100 percent shares of LOBA in an all-cash deal. Shilpa is one of India's leading specialty pharmaceutical manufacturers with primary focus on custom synthesis and oncology APIs.

The formal terms will be announced after the due diligence process, currently on, is completed.

Founded in 1957, the privately-owned LOBA provides specialty APIs, organic intermediates, biochemical diagnostics, and customs synthesis. With facilities conforming to top Euro cGMP and USFDA specifications, LOBA counts some of the world's largest pharmaceutical and diagnostic companies as its business partners. The company's product range covers 500 organic compounds available from kilo-to-small ton quantities.

LOBA is a profit-making company, with current annual revenue at nearly 15 million dollars.

LOBA's acquisition, if successful, will fast forward Shilpa Medicare's vision of becoming India's leading manufacturer in the high growth oncology and CRAMS sectors, said Vishnukant Bhutada, Managing Director, Shilpa Medicare.

"LOBA, with its product range, long-standing customer relationships in highly regulated markets, and internationally certified and compliant R&D and manufacturing facilities, is a perfect strategic fit for Shilpa Medicare. Given our highly skilled talent pool and low operational costs, the Shilpa-LOBA combination would be a formidable entity in the global oncology and CRAMS sectors," Bhutada said.

Source: ANI
SRM/V

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