Aurobindo Pharma Ltd, through its wholly owned subsidiary Aurex Generics Ltd, UK has entered into a share purchase agreement with Whyte Group Ltd and Iracot Ltd to acquire UK-based Milpharm Ltd, the generic formulation pharmaceutical company engaged in selling generic formulations, mainly in the UK market. This is the company's first acquisition in Europe.
Under the terms of the share purchase agreement, the company has acquired 100 per cent shares of Milpharm Ltd from Whyte Group Ltd and Iracot Ltd, a company release said.
Milpharm Ltd., a generic formulation company, owns over hundred approved marketing authorisations (MAs) by Medicines and Healthcare Products Regulatory Agency, UK (UK MHRA).
Milpharm recorded a sale of £7.7 million for the 12-month period ended September 30, 2005. The MAs are well diversified into various segments - CNS, CVS, GI, diabetology, anti fungal, anti bacterial, oncology, macroliads, cephs and SSPs, anti diabetic, NSAIDS etc.
Aurobindo has concluded the zero per cent, Foreign Currency Convertible Bonds (FCCB) issue of USD 60 million in August 2005. Some of the proceeds are to be used for overseas acquisitions.
The company is pursuing the inorganic growth in Europe to reduce the time to market and enhance the relationships in the generic value chain.