Dishman acquires UK-based Synprotec

Dishman Pharmaceuticals & Chemicals today announced the acquisition of Synprotec, a Manchester, UK-based contract research company.

According to a release issued by Dishman to the BSE today, the acquisition was done through its 100% wholly-owned UK-based subsidiary Dishman Europe.

"The asset base of Synprotec (excluding the value of IP and without revaluation of assets) is currently around pound 2 million, and the company has negotiated the cost of acquisition below this price. Synprotec, in the hands of the company, will be as a debt-free company.

"Synprotec has contract R&D and manufacturing capabilities in UK, and has created a strong IP having serviced major global pharma MNCs and specialty chemical companies. At the time of acquisition, it has a healthy order book covering CR assignments of several molecules with a value of around pound 2 million," the release said.

Dishman will retain all key technical personnel including the services of Dr. Peter Nightingale, founder-promoter of Synprotec, who will now join the global technical board of the Dishman group, the release added.