Nicholas buys Pfizer’s UK facility

Indian pharmaceutical company Nicholas Piramal has acquired Pfizer’s UK manufacturing facility, thus giving it a toehold in the European markets.

Indian pharmaceutical company Nicholas Piramal has acquired Pfizer’s UK manufacturing facility, thus giving it a toehold in the European markets.

The deal includes a supply agreement till November 2011, totalling potential revenues of above $350 million, site fixed assets and property and certain net current assets, the company said.

The transaction is on a liability and cash-free basis and completion is subject to required regulatory and other approvals, expected by June 19. No financial details were given by the company.

The Morpeth unit is one of Pfizer’s global, integrated facilities with end-to-end production and supply chain capabilities that cover active pharmaceutical ingredients, finished dosage, packaging and distribution, it said.

Shares of the NPIL closed today at Rs 168.10.

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