Piramal Healthcare completes acquisition of US firm

Pharma firm Piramal Healthcare today said it has completed the acquisition of US-based Minrad International.

In a filing to the Bombay Stock Exchange, Piramal Healthcare said shareholders of Minrad would receive $0.12 for every share held.

As a result of acquisition, Minrad would be operated as a wholly-owned subsidiary of Piramal Healthcare. Further, Minrad's share would no longer be traded on the New York Stock Exchange Alternext Exchange.

The company said it has also completed the purchase of Minrad's eight per cent senior secured convertible notes. UBS Securities LLC acted as financial advisor to the Piramal Healthcare on the transaction.

Minrad, a provider of generic inhalation anaesthetics, had approved the deal at the special meeting of stock holders held on February 27.

On December 23, the company had said the "merger and acquisition of the notes, in cash plus the assumption of the debt will be approximately $40 million".

Shares of Piramal Healthcare were trading at Rs 213.30, up 2.52 per cent on the BSE.