Piramal Enterprises plans to buy US-based Coldstream Laboratories

Piramal Enterprises Limited (PEL), Ajay Piramal-promoted healthcare major, has announced that it is in final stages of discussion to acquire Coldstream Laboratories Inc from the University of Kentucky, USA, for a total consideration of $ 30.65 million (about Rs 188 crore).
 
“Of this, $5.65 million would be towards the Coldstream facility on the Research Park Campus of the University, while the rest would be towards purchase of the company’s shares. This potential transaction is subject to corporate approvals and is expected to be completed by the end of this week,” said PEL in a press release.
 
Coldstream is a contract development and manufacturing organisation (CDMO) focused on the development and manufacturing of sterile injectable products and is majorly owned by
University of Kentucky Research Foundation (an affiliate of the University of Kentucky). The company operates from a FDA approved facility located in Lexington, Kentucky, USA. This acquisition allows Piramal Enterprises to move further into the injectable market segment and has strong synergy with its existing pharma solutions business.
 
The transaction is not subject to any regulatory approvals.