In its first acquisition in Europe, Aurobindo Pharma Ltd today said it has acquired UK-based Milpharm Ltd, in an all cash deal, from Whyte Group and Iracot Ltd.
Part of the Foreign Currency Convertible Bonds worth $60 million, issued by the Aurobindo Pharma in August 2005, has been used for the acquisition that would help the company increase its presence in the European market at a faster rate, a company spokesperson said.
He, however, did not disclose the size of the deal.
The Hyderabad-based company has entered into a share purchase agreement with Whyte Group Ltd and Iracot Ltd through its wholly owned subsidiary, the United Kingdom-based Aurex Generics Ltd, to acquire 100 per cent shares of Milpharm Ltd.
Milpharm is a generic formulation pharmaceutical company engaged in selling generic formulations, mainly in the UK market, a company statement.
It is a profit-making company, which owns over 100 approved marketing authorisations (MAs) by Medicines and Healthcare Products Regulatory Agency, UK (UK MHRA).
Milpharm already has an established market in generic pharmaceuticals and Aurobindo expects to build on these relationships to participate in the generic pharmaceuticals value chain.
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