Nicholas acquires UK-based Avecia Pharma

Nicholas Piramal India has acquired UK-based Avecia Pharmaceuticals for GBP 9.5 million.

According to a release issued by Nicholas to the BSE today, the consideration is inclusive of funding the business' UK pension fund deficit of between GBP 8-9 million.

"Avecia Pharmaceuticals is a global custom manufacturing player focused on providing custom chemical synthesis and manufacturing services for the innovator pharmaceutical and biotechnology companies. It had consolidated sales of GBP 36.1 million (Rs 290 crore) in 2004. The business includes early/late-stage and launched manufacturing assets in UK and North America, a deep pipeline of products backed by strong customer relationships and a mix of unique technologies," the release added.