Shilpa Medicare to acquire Austria's LOBA

New Delhi, Oct 16 (UNI) Shilpa Medicare Ltd today said it will acquire Austria's LOBA Finchemie AG in an all-cash deal.

However, the company did not disclose the financial details of the transaction.

LOBA, which had revenue of 15 million dollar, is into organic intermediates, biochemical diagnostics and contract research and manufacturing services, company said in a statement.

LOBA's product range covers 500 organic compounds available from kilo-to-small tonne quantities.

''LOBA's acquisition, if successful, will fast forward Shilpa Medicare's vision of becoming India's leading manufacturer in the high growth oncology and CRAMS sectors,'' company's Managing Director Vishnukant Bhutada said.

UNI