Gujarat-based drug maker Cadila Healthcare Ltd, which runs under the brand Zydus Cadila, has acquired entire 50 per cent stake in Zydus BSV Pharma Pvt Ltd (Zydus BSV) from its JV partner Bharat Serums and Vaccines Ltd, the company said in a stock market disclosure. The firm did not disclose the deal value.
Post this acquisition, Zydus BSV has become a wholly-owned subsidiary of Cadila Healthcare.
Formed in 2005, Zydus BSV Pharma is a joint venture between Zydus Cadila and Bharat Serums and Vaccines Ltd, one of the top 10 biotech companies in India.
The company focuses on the niche segment of targeted therapies in oncology. It develops, manufactures and markets novel drug delivery system (NDDS) of anti-cancer agents for global markets. Zydus BSV has a finished dosage manufacturing plant in Ahmadabad.
Mumbai-based Bharat Serums and Vaccines, which was founded in 1971, manufactures and markets pharma and biotechnology products like plasma derivatives, monoclonals, hormones, equine antitoxins and serums, antifungals, anaesthetics, cardiovascular and diagnostic products.
Zydus Cadila discovers, develops, manufactures and markets a range of healthcare therapies. It employs over 16,500 people globally and aims to achieve sales of over Rs 10,000 crore by 2015 and to become a research-based pharmaceutical company by 2020.
Last December, the drugmaker launched the first cheaper version of a multi-billion dollar biosimilar of Adalimumab, a drug for treating patients suffering from autoimmune disorders, in India.
Cadila Healthcare's scrip closed at Rs 1661.25 each, down 2.43 per cent on BSE in a weak Mumbai market on Thursday.
(Edited by Joby Puthuparampil Johnson)