Ipca Labs to acquire Tonira Pharma

Friday, Jan 09, 2009

Site Map | Feedback | Advanced Search | RSS | Blogs

Home > Companies & Industry

Live Markets | Smart Portfolios

Vishal Dutta / Mumbai/ Ahmedabad November 5, 2007

Mumbai-based pharma major Ipca Laboratories Ltd has picked up a stake in Vadodara-based Tonira Pharma Ltd and it plans to pick up a further equity to get controlling stake of the company.

Business Standard has learnt that Ipca Laboratories has picked up 14.09 percent equity of Tonira Pharma Ltd at Rs 28 per share.

According to sources, Ipca Laboratories acquired 9 percent equity stake from existing promoters of Tonira Pharma. One of the promoters of Tonira Pharma had signed a memorandum of understanding (MOU) with Ipca Laboratories, as per which Ipca Laboratories acquired 9 percent stake in Tonira Pharma.

Ipca picked up the remaining equity from the open market. Sources add that after acquiring 14.09 per cent stake in Tonira Pharma, Ipca Labs is now eligible to acquire further equity in Tonira Pharma.

Sources say that Ipca Laboratories Ltd is interested in the Active Pharmaceutical Ingredients (API) facility and would like to have management control as well. Ipca is trying to acquire another 30 per cent equity from the shareholders of Tonira Pharma at Rs 29 per share. This is likely to take another 2-3 months.

Ipca Laboratories believes that acquisition of Tonira Pharma will provide operational flexibility, synergy and extended product range for marketing. The acquisition will also facilitate use of Tonira’s Research and Development and manufacturing facilities.

Tonira, at present, has two manufacturing sites. The site at Ankleshwar (Gujarat) has WHO GMP approval. While its second facility at Vadodara (Gujarat) was commissioned recently in January 2005 and is designed to meet USFDA standards for cGMP.

Tonira boasts of a dedicated R & D team, comprising scientists holding Doctorate and Masters degrees in organic chemistry and experienced in the synthesis of molecules.

Ipca Laboratories has strong presence in APIs and formulations. It has operations in over 100 countries, and its exports account for over 53 percent of the company’s income.


Read Business news in

Get Home Loan Counselling From HDFC - click here to know more.

India's premier online business magazine

Free E-book on The Future of Business Intelligence

Advt


	Discussion Board / User Comments

WEL on 02-DEC-08

MAXIDEX WARNING I had eye surgery and in the post-op pack was MAXIDEX(dexamethasone) drops by ALCON LABS. Two days later I was BLIND Use Google and enter EPOCRATES MAXIDEX REACTION to verify OR CALL 800-757-9195

Most Popular

Read

E-Mailed

Commented

-		Regulators, govt tighten noose around Satyam

-		In Raju's hometown, big panic for small investors

-		Regulator may blacklist Price Waterhouse

-		PwC has a chequered past with taxmen

-		Govt orders probe into 8 Satyam-related entities

BS Poll

Cast Your Vote

Will the Satyam incident impact foreign inflows adversely?

Yes

Hot Searches

Member Area

Write to the Editor

RSS