Piramal Healthcare Limited, one of India’s largest pharmaceutical and healthcare companies has acquired US based RxElite Holdings, the inhalation anaesthetic gas distribution arm of RxElite for $4.2 million in an all cash deal. RxElite will use the significant portion of the sale proceeds to retire a $3.2 million debt on its books.
This acquisition gives Piramal ownership of RxElite Holdings’ sales and distribution network in the US and complements Piramal’s pending acquisition of Minrad International, a pain management company which it announced in December 2008, awaiting the approval of stockholders of Minrad.
Piramal’s acquisition of RxElite Holdings include approximately 2,800 vaporizers required for administration for the inhalation of anaesthetic gas.
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