Breaking News

You are here » Indian-Commodity  :  Corporate  :  Piramal Enterprises inks agreement to acquire Ash Stevens


Piramal Enterprises inks agreement to acquire Ash Stevens

Piramal Enterprises (PEL) wholly owned subsidiary in the US has entered into an agreement to acquire 100% stake in Ash Stevens Inc., a US based Contract Development and Manufacturing Organisation ('CDMO'), in an all cash deal for a total consideration of $42.95 million plus an earn-out consideration capped at $10 million, subject to achievement of certain EBITDA targets, payable over the next six months. This acquisition adds effective molecule manufacturing capabilities to the portfolio of services offered by PEL's Pharma Solutions business. This potential transaction is expected to be completed by end of August.

Ash Stevens has 12 FDA approvals for innovator small molecule APIs and has a pipeline of development products. The Company primarily operates from a FDA approved commercial manufacturing facility located in Riverview, Michigan, USA. The Riverview Facility has approvals from US, EU, Australia, Japan, Korea, Mexico regulatory agencies.

Piramal Enterprises is an industrial conglomerate company. It operates the businesses of healthcare services, capital management, information management, glass, piramal realty and piramal foundation. It also offers pharma solutions including critical care, imaging, bio-orthopaedics and phytomedicines in healthcare.

Related News

View all news

NHPC organizes Free Medical Camp

NHPC in association with Department of Health, Faridabad, Asian Institute of Medical Science, and Centre for Sight, Faridabad has organized a free medical camp at village Khedi Kalan, Faridabad on March......

Jet Airways to delay payments of interest on debentures

Jet Airways will delay paying interest to its debenture holder, due March 19, owing to financial constraints.Jet Airways is India's premier international airline, which operates flights to India and overseas.......

REC planning for market borrowing programme for financial year 2019-20

Rural Electrification Corporation (REC) is planning for Market Borrowing Programme of the company for the financial year 2019-20. The Meeting of the Board of Directors of the company will be held on March......

Top News

View all news

GRUH Finance receives no-objection from NHB for merger with Bandhan Bank

GRUH Finance has received receipt of 'No-objection' from NHB for the proposed scheme of amalgamation of GRUH Finance into and with Bandhan Bank. The company has also received receipt of 'No Objection'......

Karnataka Bank inks agreement with Karvy DigiKonnect for Contact Centre operations

Karnataka Bank has entered into an agreement with Karvy DigiKonnect for total Management of Contact Centre operations. The operation will be an effective interface between the Bank and millions of its......

IndusInd Bank inaugurates new branch in Boisar

IndusInd Bank has inaugurated a branch in Boisar, an upcoming industrial area situated in the Palghar district of Maharashtra. This is the Bank's first branch in this region and is located in the Ostwal......