Dishman Pharma to acquire Solvay's Dutch fine chemicals unit

Mumbai: Dishman Pharmaceuticals & Chemicals said Monday that it would acquire the fine chemicals, vitamin D and analogues business from the Netherlands-based Solvay Pharmaceuticals BV for an undisclosed amount.

The company has entered into a Memorandum of Understanding with Solvay Pharmaceuticals for acquisition of the business unit, it informed the BSE, and expects to complete the transaction during the year itself.

As part of this deal, all facilities, people and activities located at Solvay's Veenendaal site in the Netherlands, and technology, patent and intellectual property rights for fine chemicals, vitamin D and its analogues business would be transferred to the company after completion of due diligence procedures and other approvals.

Dishman Pharma has a pre-existing long-term relationship with Solvay for contract manufacturing of a patented API and intermediates.

Dishman Pharma would retain production of cholesterol and vitamin D analogues at Veenendaal and transfer the vitamin D3 production to its Indian plants, it added.