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| Lifeline in talks to buy two firms for Rs 300 cr |
| Sanjay Anand/ PTI / Madrid Oct 14, 2009, 20:44 IST |
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Mumbai-based pharma firm Lifeline Industries today said it is in discussions with drug maker Erica to buy its assets for around Rs 135 core and hopes to close the deal by the end of this year.
The company is also in talks with another firm for acquiring its assets in the range of Rs 175 crore to Rs 200 crore, but declined to provide the details.
"We continue to look at inorganic growth and are in discussions with two companies in India to acquire their assets. Both the deals could cost us more than Rs 300 crore," Lifeline Industries Chairman Nikunj Kanakia told PTI at the global CphI pharma convention here.
"We are looking at buying assets of drug formulations firm Erica for about Rs 135 crore and the deal may be finalised within three months," Kanakia said.
"The other deal could be bigger, in the Rs 175 crore to Rs 200 crore range and take a little longer to close," he added, but declined to share the details, saying that the target firm is a listed one.
Erica could not be immediately reached for a comment.
Kanakia said the Erica deal will help his company, which is an API (Active Pharmaceutical Ingredients) player in areas like diabetes, fungal infection, inflammation and antibiotics, enter the formulations business and expand its portfolio.
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