Japanese chemical and specialty products and materials major Tosoh Corporation has acquired Mumbai-based clinical diagnostics products company Lilac Medicare Pvt Ltd to establish bio-science operations in India, according to a press release.
Financial details of the transaction, however, are not disclosed.
“This acquisition is part of Tosoh’s strategy to expand and strengthen its bioscience operations,” Masayuki Yamada, director and board member of Tosoh, said in the statement.
“By using the network Lilac has built, Tosoh will make efforts to increase its share in the growing Indian market by using its own immunological and diabetes diagnostic analysers as stepping stones towards launching its full range of bioscience products,” he added.
Founded in 1997 by Supratik Chakraborty, VK Naik, Deepak G Tripathy and N Sriram, Lilac Medicare manufactures and sells clinical diagnostic equipment and reagents. Its clientele includes AIIMS, Jaslok Hospital, Breach Candy Hospital, Tata Memorial Hospital, SRL Laboratories, Dr Lal PathLabs and KEM Hospital.
The firm has 135 employees.
Lilac will continue to focus on its ELISA & CLIA range of products in addition to consolidating on Tosoh’s AIA & HPLC Analyzers.
“By becoming part of Tosoh group, Lilac can meet its short- and long- term growth objectives through strong financial and technology backing,” Supratik Chakraborty, managing director of Lilac Medicare Pvt. Ltd, said.
Meanwhile, Chakraborty has been appointed as president and a member of board of directors of the new entity.
Tosoh group’s interest spans across petrochemicals, advanced materials and bioscience systems. The group is one of the largest chlor-alkali manufacturers in Asia, and supplies the plastic resins and an array of the basic chemicals.
7i Capital Advisors acted as the exclusive strategic and financial advisor to Lilac in this transaction.
(Edited by Joby Puthuparampil Johnson)