Karnataka-based Shilpa Medicare, a manufacturer of pharmaceutical custom synthesis and specialty active pharma ingredients (APIs), has entered into a memorandum of understanding (MoU) with Austria-based LOBA Finchemie AG to acquire 100 per cent shares of the latter in an all-cash deal. | |
| Privately-owned LOBA has an annual revenue of nearly $15 million and provides APIs, organic intermediates, biochemical diagnostics, and customs synthesis. |
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| The company's product range covers 500 organic compounds available in kilo to small tonne quantities. |
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| "The formal terms of acquisition will be announced after due diligence is complete," managing director Vishnukant Bhutada said. |
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| The company gets two-third of its revenues from exports. During the first six months of FY07-08, it posted revenues of Rs 39.5 crore. For FY06-07, this stood at Rs 74 crore. |
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