Cadila buys Sarabhai Zydus Animal Health

Cadila Healthcare (Zydus Cadila) is acquiring the remaining 50 per cent stake in its joint venture Sarabhai Zydus Animal Health Ltd to make it a wholly owned subsidiary.

Zydus said it has entered into a share purchase agreement with Ambalal Sarabhai Enterprises, in this regard.

A month ago, the Ahmedabad based Zydus Cadila had acquired Nippon Universal Pharmaceutical, a privately held pharmaceutical company in Japan, as part of its efforts to tap the the $60 billion Japanese pharmaceutical market.

Sources said Zydus Cadila had entered into a strategic alliance with Ambalal Sarabhai Enterprises in January 2000 to integrate the animal healthcare business of both the groups to create 'Sarabhai Zydus Animal Health Ltd', one of the leading animal healthcare companies in India. The company markets a wide range of therapies and has a strong presence in the livestock, poultry and companion animal business. With 250 employees, it has a countrywide marketing network and have alliances with Abic, a Teva group Company and Lillydale of UK Sarabhai Zydus Animal Health Ltd., posted a turnover of Rs 88.87 crores in 2006-07. Share prices of Zydus Cadila rose by 0.75 per cent today on the Bombay Stock Exchange(BSE) today from the previous day close of Rs.321.60 to Rs 324.

Shares of Ambalal Sarabhai Enterprises also rose on the BSE today by 9.96 per cent from the previous day close of Rs.13.05 to Rs.14.35.