Drug firm Zydus Cadila today said it has acquired a 100% stake in Mumbai-based Biochem for an undisclosed amount.
"Zydus Cadila has acquired a 100% stake in Biochem, one of the Top 40 pharma companies in India," Zydus Cadila said in a statement.
A privately held firm, Biochem has a presence in various therapeutic segments, including antibiotics, cardiovascular, anti-diabetics and oncology, it added.
Commenting on the development, Zydus Cadila CMD Pankaj R Patel said: "The formulations business in India has always been the bulwark of our operations and we have looked at every strategic opportunity to grow and contribute to this market, either by way of novel initiatives, collaborations or acquisitions."
"Biochem represents the right fit as they have a significant presence in our core therapy areas and also add value to our product offerings in key growth segments," he added.
Biochem reported sales of Rs 264.5 crore for the year 2010-11. The company's top brands include Ampilox, Biotax, Monotax, Amicin and Zithrocin, which together contribute to 40% of the company's sales.
"The acquisition strengthens Zydus' operations in the Indian pharma market," the company added.
