MUMBAI, OCT 1: Glaxo India bought 100 per cent stake in the Biddle Sawyer group of companies comprising, Biddle Sawyer, Meghdoot Chemicals Pvt Ltd and Croydon Chemical Works Pvt Ltd for an undisclosed sum.The move is widely seen as the first in a series of acquisitions by Glaxo as the company has set aside a whopping Rs 300 crore for this purpose.Official sources said that the Shah family, key promoters of the closely held Biddle Sawyer group, had divested their holding as it was "the best thing to do" given that the product patent regime was not far away.Biddle Sawyer, as per the latest ORG estimates, ranks 69 in the industry with a 0.4 per cent market share and Rs 31 crore sales. Key financials of other group companies Meghdoot Chemicals and Croydon could not be ascertained, though the acquisition is expected to translate into "small incremental turnover" in the next few years for Glaxo.The Biddle Sawyer group has three small facilities in Mumbai and an employee strength of close to 500. Biddle Sawyer officials said that "eventually they (the workforce) would also form part of Glaxo."The Biddle Sawyer group has an interesting range of niche products, namely in the area of anti-inflammatory drugs, osteroporosis, myocardial therapy etc.Latest ORG figures, Biddle Sawyer's top selling drug, Bidanzen boasts of a turnover of Rs 8 crore with a market share of two per cent and a growth rate of 6.1 per cent. Bidanzen, an anti-rheumatic non-steroidal drug is effective in controlling inflammation after operation and traumatic injury. Other key brands include broncodilater, Bronkoplus (turnover of about Rs 5 crore), Alpha-D 3 (a vitamin A+D combination) and Piodin, a stomotological.
