Unichem sells Indore SEZ plant to Mylan for $26.3M
Unichem Laboratories Ltd is selling its Indore-based SEZ plant to generic and specialty pharmaceuticals maker Mylan Laboratories Ltd for Rs 161 crore ($26.27 million), as per a stock market disclosure.
"The board of directors of Unichem at its meeting held on February 15, 2013 had approved the sale of Indore SEZ plant to Mylan and members of the company had approved the sale on March 29, 2013 through a postal ballot," the company said in the filing.
Mumbai-headquartered Unichem makes pharmaceutical ingredients and pharmaceutical formulations for various therapeutic areas, including gastro-intestinal, cardiovascular, diabetes, psychiatry, neurology, anti-bacterial, anti-infectives and pain management. It has six drug manufacturing locations across the country.
Founded in 2001, Hyderabad-based Mylan works as a subsidiary of US-based Mylan Inc. The company manufactures and supplies active pharmaceutical ingredients.
Last October, Mylan acquired a Visakhapatnam-based unit from SMS Pharmaceuticals Ltd for $33 million.
This August, Mylan Inc received approval of Foreign Investment Promotion Board, the nodal government body monitoring foreign investment in the country, for its Rs 5,168 crore foreign direct investment (FDI) proposal to finance the acquisition of Agila Specialties Pvt Ltd.
(Edited by Joby Puthuparampil Johnson)
Unichem Laboratories Ltd.is a pharmaceutical manufacturing company. It offers pharmaceutical ingredients and pharmaceutical formulations for various therapeutic areas, including gastro-intestinal, cardiovascular, diabetes, psychiatry, neurology, anti-bacterial, anti-infectives, and pain management. The firm also involves in the research and development of drug delivery systems, as well as undertakes contract research work in the area of synthesis of active pharmaceutical ingredients and product dossiers. The company was founded in1962 and is based in Mumbai, Maharashtra.
Mylan Laboratories Ltd. (formerly Matrix Laboratories Ltd.) is engaged in the manufacturing and supply of active pharmaceutical ingredients. It offers antibacterials, central nervous system agents, antihistamines, anti-asthmatics, cardiovasculars, antivirals, antidiabetics, antifungals, proton pump inhibitors and pain management drugs. The company was founded in 2001 and is based in Hyderabad, Andhra Pradesh with additonal office in China. Mylan Laboratories Ltd. operates as a subsidiary of Mylan Inc.