India’s Piramal Pharma Rings The Bell On Domestic Stock Exchange Listings
Newly Independent Firm Has $250m Revenue Complex Generic Hospital Unit
Piramal Pharma is “embarking on a new journey as a focused pharma entity,” as it seeks to “identify and secure inorganic and organic growth opportunities to generate consistent shareholder value.”
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Piramal Pharma’s Piramal Pharma Solutions contract development and manufacturing organization has invested around $75m in expanding its antibody-drug conjugate capabilities at its Grangemouth facility in Scotland and investing in a new active pharmaceutical ingredient infrastructure at the Morpeth facility in England.
Abbott has signed a definitive agreement to acquire Piramal Healthcare's domestic formulations business for an up-front payment of $2.12 billion and additional annual payments of $400 million for the next four years starting in 2011.