|
European firm buys Dabur for Rs 880 cr |
 |
In one of the biggest stake sale in the Indian pharmaceutical sectors, homegrown drug maker Dabur pharma has reported that it would sell 73.27 per cent at a Rs 76.50 an equity share stake to European healthcare major Fresenius SE for about Rs. 880 crore.
This is the second largest buyout by an overseas pharmaceutical company in India, next only to the Matrix Laboratories takeover by Mylan Laboratories of the US for about Rs 3,367 crore.
The Iceland-based Actavis, one of the top global generic companies, had acquired the bulk drug division of the Chennai-based Sanmar Specialties and the tablets division of Grandix Pharmaceuticals, a few months ago, in two separate deals.
Dabur Pharma is one of the leading players in the field of oncology in India and is among the top generic oncology companies in various markets, including in Thailand, Philippines, Malaysia and India.
Besides being present in more than 40 countries, the company has a strong base in the US. It has a substantial market share in Paclitaxel and Irinotecan injections used in the treatment of rectum cancer. Dabur has 12 generic drugs pending for approval in the US market. It has already received four approvals.
Dabur had demerged its pharma business in 2003 to set up Dabur Pharma. Last year, the company hived off its non-oncology formulation business to Ahmedabad-based Alembic for Rs 159 crore to focus exclusively on the cancer drug business.
The deal will considerably strengthen the ¤2 billion oncology business of Fresenius. Dabur Pharma, which posted a net profit of Rs 19.7 crore on a turnover of Rs 322 crore in 2006-07, is India’s leading player in cancer medicines with a revenue of over Rs 60 crore annually.
The company has three manufacturing facilities at Kalyani, Baddi and at Bardon, UK. It also owns a marketing arm - Biosciences Co - in Thailand.
|
