Shasun acquires Rhodia Pharma custom synthesis business

Mumbai, April 03 (UNI) Shasun Chemicals&Drugs Ltd has acquired the pharmaceutical custom synthesis business of Rhodia Group for an undisclosed sum.

Announcing the deal here today, company CEO N Govindarajan said the acquisition agreement was signed today and both companies have confirmed that requirements of due diligence and documentation have been completed.

The acquisition has been done by the company through its UK-based wholly-owned subsidiary Shasun Pharma Solutions Ltd, he said adding, ''The successful execution of this acquisition is an important milestone for Shasun to realise its strategy of developing a global presence in APIs, custom synthesis and contract manufacturing.'' He said the acquisition would not only enable the company to retain and grow business with current customers of the two enterprises, but also attract a wider set of innovator and emerging pharma companies.

''This acquisition'', Mr Govindarajan added, ''is a strategic fit since both Shasun as well as Rhoda Pharma have a non-competing business model. This positions the combined entity as a leading CRAMS (contract research and manufacturing services) player in the global arena.'' Further, the company will also acquire Rhodia's development and custom manufacturing services, which cater to innovator and emerging pharmaceutical clients in the US, Europe and Asia.

The deal also includes acquisition of Rhodia's UK manufacturing sites at Dudley in Northumberland, England and Annan in Scotland and also the current management team Rhodia and the existing employees.

Rabo India Finance Pvt Ltd (a cent per cent subsidiary of Rabobank International) acted as the sole strategic and financial advisor to Shasun for the deal.

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