Biocon Ltd has entered into a definitive agreement to acquire the bulk pharmaceutical business of IDL Specialty Chemicals Ltd located near Hyderabad. The company has informed BSE that the deal is subject to the closing conditions detailed in the agreement.

The details of acquisition were not available because Biocon is in silent phase and is scheduled to announce its Q2 results on October 22, 2009.

The biotech major has bulk drug research and production expertise in active pharmaceutical ingredients (APIs), biologicals and proprietary molecules both commercialized and under development. With this acquisition, the company develops novel and affordable bio-therapeutics for global markets. Under APIs the company is known for its range of anti-diabetic, anti-inflammatory, anti-oxidants and cardiovascular products.

The Hyderabad based IDL Specialty Chemicals Ltd (formerly IDL Agro Chemicals Ltd), a wholly owned subsidiary of Gulf Oil Corporation Ltd is a Hinduja Group Company. It manufactures APIs and intermediates for cardiac, anti-depressants, anti-histamines, analgesic and anti-amoebic drugs. It also undertakes contract research in its R&D facility. Its production plant has been audited by a number of multinational companies operating in India. In addition, it also has a Certificate of Suitability for the cardiovascular drug, Enalapril Maleate from the European Directorate for the Quality of Medicine and HealthCare, according to the company website.