The Hindu : Business : Nicholas to acquire Pfizer's U.K. facility

Online edition of India's National Newspaper
Friday, Jun 16, 2006

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Business

Nicholas to acquire Pfizer's U.K. facility

The acquisition will expand company's global footprint in API

MUMBAI: Nicholas Piramal India Ltd. on Thursday said its U.K. subsidiary has entered into an agreement to acquire the manufacturing facility of global pharma company Pfizer Inc at Morpeth, UK, on an asset purchase basis.

The deal includes a supply agreement till November 2011, totalling potential revenues of above $350 million, site fixed assets and property and certain net current assets, Nicholas Piramal informed the Bombay Stock Exchange. The transaction is on a liability and cash free basis and completion is subject to regulatory and other approvals, expected by June 19. However, the company did not disclose the financial details of the agreement. The Morpeth unit is one of Pfizer's global, integrated facilities with end-to-end production and supply chain capabilities that cover active pharmaceutical ingredients (API), finished dosage, packaging and distribution, the statement said.

The purchase by the company's subsidiary, NPIL Pharmaceuticals, would expand its global footprint, particularly in the finished active pharmaceutical ingredient, contained finished dosage, packaging and supply chain areas, it added.

The company expects significant synergies of its current operations and business pipeline with Morpeth. — PTI

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