Pharmaceuticals packaging solutions provider Bilcare Ltd has sold its global clinical supplies (GCS) businesses in the US and the UK to United Drug plc for $61 million. However, Bilcare has retained its GCS business in Asia and will work together with United Drug to use their complementary resources to meet the needs of their global customers across the US, Europe and Asia, according to a BSE filing.
This sale will enable Bilcare GCS Asia to focus its resources and better meet customer expectations of world-class services. It will also leverage United Drug’s capabilities and resources in the US and Europe.
Bilcare’s scrip shot up almost 9 per cent and its shares were trading at Rs 169.35 apiece during mid-day trades on the BSE in a flat Mumbai market on Monday. At this price, the parent company has a market cap of around Rs 400 crore ($72 million).
Founded in 1993 by Mohan Bhandari, Pune-based Bilcare Ltd provides solutions to the global pharmaceutical and healthcare industry to improve patient healthcare outcomes. It has manufacturing and R&D plants located across the US, Europe, India and Singapore.
In August 2010, the firm bought the global film business of UK-based INEOS group through its German subsidiary Bilcare AG for Rs 607 crore. Bilcare had also acquired Singapore’s Singular ID, which provides integrated and hi-tech enterprise brand security system, for S$19.58 million back in 2008. In 2006, it had bought DHP Ltd, a UK-based clinical trials services provider.
United Drug is a provider of outsourced solutions to healthcare companies operating across three divisions including healthcare supply chain, sales, marketing & medical, and packaging & specialty. Last month, the company announced it would acquire the entire issued share capital of Drug Safety Alliance Inc. and Synopia RX LLC for up to $28 million and $12 million, respectively.