Pharmaceutical ingredients manufacturer Shilpa Medicare Ltd has received approval from its board to acquire the remaining stake in Hyderabad-based Nu Therapeutics Pvt. Ltd for Rs 3.21 crore, as per a stock market disclosure.
Shilpa Medicare already owns 67.94% stake in Nu Therapeutics. Following the approval from its board for the acquisition of remaining 32.06% stake, it will own 100% stake in Nu Therapeutics, the filing said.
Raichur-based Shilpa Medicare had initially invested around Rs 1.75 crore in Nu Therapeutics in 2010 for a minority stake and later raised the holding in the company in 2011.
Nu Therapeutics has developed oral fast dissolving thin strip dosage form and obtained the manufacturing and marketing licence for the same.
“The oral strip is small in size and when placed on/under the patient's tongue, instantly wets with saliva, rapidly hydrates and stays on the tongue. It then rapidly disintegrates and dissolves to release the medication in the mouth and promotes gastrointestinal absorption without the need of water,” the filing said.
Shilpa Medicare is a mid-size pharma company, manufacturing API, fine chemicals, intermediates, herbal products and specialty chemical products. The firm operates in two business segments—bulk drug intermediates and wind power generation.
The firm is backed by investors including Tano Capital (9.31% stake), CLSA Global Markets Pte. Ltd (3.34%) and Baring India Private Equity (1.44%), as per the information available with the stock exchanges.
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