Indian pharmaceutical company buys Pfizer plant
A leading Indian pharmaceutical company, Nicholas Piramal Ltd., said last Thursday it has struck a deal to acquire one of Pfizer Inc.''s plants in Britain, the Associated Press reports. Nicholas Piramal said in a notice to the Bombay Stock Exchange that the acquisition of the Pfizer facility at Morpeth in northeastern England should boost revenues by $350 million over the next five years. The notice didn''t disclose how much Nicholas Piramal was paying for the facility. The deal includes a supply agreement with Pfizer, which will continue to buy drugs from the Morpeth plant until 2011. The agreement is the latest in a string of overseas acquisitions by top Indian companies. Earlier this year, Ranbaxy Laboratories, India''s biggest drug maker, bought three companies in Europe, including GlaxoSmithKline Plc''s generic business in Italy and Romania''s Terapia, while its rival Dr Reddy''s acquired German drug maker Betapharm.