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September, 2006 Pragati Maidan, New Delhi, India |
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Orchid To Buy Out US Co Bexel Pharma
Looking to consolidate its research activities under a common umbrella, Orchid Chemicals & Pharmaceuticals Ltd on Monday said it plans to buyout US-based Bexel Pharmaceuticals Inc by acquiring a 26 per cent stake, for over Rs 1.3mn
The company holds a majority 74 per cent stake in Bexel Pharma and would acquire the remaining 26 per cent stake as a part of an agreement reached between the two companies to bring the drug discovery activities under a unified structure.
Orchid said that “bringing all drug discovery activities under a unified structure will provide seamless integration of the several drug discovery programmes being pursued at the company and Bexel, while retaining the advantages of having a discovery front-end in the US and a discovery-cum -developmental back-end at the company in Chennai.”
As part of the agreement, Orchid Pharma would grant 6500000 stock options to Bexel’s founders and key employees for subscription at a grant price, the company added.
Orchid said it had already established a wholly owned subsidiary, Orchid Research Laboratories Ltd (ORLL) to channel its drug discovery work.
Bexel has been focusing on drug discovery research in metabolic diseases such as diabetes, obesity and auto-immune diseases, while Orchid has been focusing on inflammation, cancer and anti-infective areas.
Date: 25-Jul-2006
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