Piramal Healthcare Ltd, part of the diversified Piramal Group, is acquiring the injectible anesthetic products business of Bharat Serums and Vaccines Ltd (BSV), a Mumbai-based bio-pharmaceutical company, it said in a statement. The financial details of the transaction were not disclosed.
It follows Piramal’s recent acquisition of Cipla’s emergency contraceptive product (ECP) brand i-pill last month.
BSV has three product lines under injectible anesthetic segment, and claimed sales of Rs 10.6 crore in FY 2010. The acquisition gives Piramal access to the intellectual property of BSV to manufacture the products and also entry into Propofol market, the largest selling injectible anesthetic product globally. The market size of Propofol is estimated at around $825 million.
Piramal is a leading producer of inhalation anesthetics. The acquisition strengthens its product portfolio in the anesthetic space.
Ajay Piramal, chairman, Piramal group, said, “Our strong marketing capabilities and distribution infrastructure across 108 countries globally will help us rapidly scale up BSV’s injectible anesthetic business.”
Bharat V Daftary, chairman, BSV, on the other hand, said, “The move will help us focus on our core competencies in research, development and manufacturing of innovative biopharmaceutical and biotech products.”
BSV currently sells its anesthetic products in 30 countries including India, Columbia, Russia and Ukraine. Piramal and BSV have also entered into a long term agreement under which both the companies will together manufacture and supply anesthetic products globally.