Tuesday, June 26, 2007

Cadila Healthcare buys out Brazilian Nikkho

MUMBAI: Cadila Healthcare Ltd has acquired 100 per cent stake in Quimica e Farmaceutica Nikkho do Brasil, a mid-sized, privately held company in Brazil, for $25 million. This is the company's second overseas acquisition this year.

The Cadila share closed 3.6 per cent lower at Rs 371, despite this news. Intra-day, the stock touched a high of Rs 396.80 and low of Rs 369 with volume traded at 28,805 against two-week average of 69,566 shares.

The acquisition is being made through Zydus Healthcare Brasil Limitada, the step-down wholly-owned subsidiary of the company.

The Brazilian company reported sales of $26 million in 2006, a notice to the BSE said.

The acquisition will boost Cadila's existing generic business in Brazil by providing enhanced reach and distribution. The company, which had set up its Brazilian subsidiary in 2002, has already registered 13 products which are being marketed as generics.

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