Shilpa Medicare to buy Austria-based LOBA

Karnataka-based Shilpa Medicare has entered into a memorandum of understanding (MoU) with LOBA Finchemie AG, Austria, to acquire 100% stake of LOBA in an all cash deal.

According to a release issued by Shilpa Medicare to the BSE today, Vishnukant Bhutada, managing director of the company said, "the formal terms of acqusition will be announced after the due diligence process, currently on, is completed."

"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.

'LOBA is a profit-making company, with current annual revenue at nearly $15 million. Founded in 1957, the privately-owned LOBA provides specialty active pharma ingridents (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.', the release added.