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September, 2006 Pragati Maidan, New Delhi, India |
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Nicholas Piramal Buys Pfizer`s UK Unit.
Cos third acquisition in the country since Dec 2005
India’s fourth-largest pharmaceuticals company Nicholas Piramal India (NPIL) has acquired Pfizer Inc’s plant at Morpeth in the UK for an undisclosed sum — its third acquisition in that country since December 2004.
As part of the deal, NPIL also entered into a 5-year pact to manufacture 12 Pfizer products for $350 million, making it Pfizer’s largest custom manufacturing partner in the world.
The deal would be funded entirely through internal accruals, said NPIL chairman Ajay Piramal. It would also use the facility to supply APIs and finished dosages to some of its top clients, Mr Piramal added. NPIL had custom manufacturing ties with 7 of the world’s top 10 pharmaceuticals companies, he said.
With this deal, the company expects its total custom manufacturing revenue to touch $200 million annually. The Morpeth facility has 450 employees and is a supply hub for some of Pfizer’s products for the US, Europe and Japan.
Date: 16-Jun-2006
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