Diversified firm SRF Ltd today announced acquisition of US-based firm DuPont's pharmaceutical propellant business under the Dymel brand for USD 20 million (over Rs 120 crore) in an all-cash deal.
The company signed a definitive agreement with E I DuPont De Nemours and Company USA on December 31 for the transaction, SRF Ltd said in a filing to the BSE.
"Under the transaction SRF acquires Global DuPont Dymel HFC 134a pharma business, will own Du Font's Dymel brand and receive the technology and knowhow for setting up its own current Good Manufacturing Practises (cGMP) facility for manufacturing HFC 134a pharma grade," it added.
DuPont will supply SRF the product from its facility till SRF's facility is approved. The consideration for the transaction is USD 20 million payable in cash, SRF said.
Dupont's Dymel 134a/P is a non-ozone-depleting alternative propellant for pharmaceutical applications such as metered-dose inhalers.
"SRF has two plants for manufacture of technical grade of HFC 134a. It is envisaged that HFC 134a pharma will form a part of the downstream products from these plants," it added.
Shares of SRF Ltd today closed at Rs 879.65 per scrip on BSE, up 0.77 per cent from it's previous close.
