India's fifth largest pharmaceutical company Zydus Cadila today acquired Biochem Pharmaceuticals for an undisclosed amount, its third acquisition this year and eighth since 2003.
Founded in 1959, the privately held Mumbai based Biochem, produces a wide range antibiotics in the cardiovascular, anti-diabetic and oncological segment.
Biochem's antibiotics Amicin or amikasin is used for dermatological treatment, while its Ampilox and Biotax, are used as anti-infectives.
Its top five drugs, Amicin, Ampilox, Biotex, Monotax and Zithrocin, contribute 40 per cent of the company's sales.
The company exports products to eight countries and for the financial year 2010-11, Biochem reported revenues of Rs264.5 crore
"We have looked at every strategic opportunity to grow and contribute to this market [formulations], either by way of novel initiatives, collaborations or acquisitions," said Pankaj Patel, Zydus Cadila's chairman and managing director.