Dishman Pharmaceuticals signs MoU with Solvay

New Delhi, July 9: Dishman Pharmaceuticals and Chemicals Ltd today said it has signed a Memorandum of Understanding (MoU) with Netherland-based Solvay Pharmaceuticals BV to acquire its fine chemicals, Vitamin D and Vitamin D analogues business for an undisclosed amount.

The deal includes acquisition of all facilities, people and activities of Solvay's Veenendaal site in the Netherlands along with technology, patent and intellectual property rights for fine chemicals, Vitamin D and Vitamin D analogues business.

The transfer of ownership will be completed during 2007, said a statement.

The acquired business will considerably add value to the Dishman's business.

''Dishman will retain production of cholesterol and Vitamin D analogues at Veenendaal and transfer the Vitamin D3 production to its Indian plants, the statement added.

Dishman has two manufacturing plants in Gujarat and the main activities of the company include production, marketing and sales of cholesterol and cholesterol related products.

UNI