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PRESS RELEASE
Piramal Healthcare
Acquires Haemaccel Brands Group of PlasmaSelect AG, Germany
~ To become a global
leader in polygeline-based blood plasma expansion products ~
Mumbai, July 02 2008: Piramal Healthcare Limited [NSE: Pirhealth, BSE: 500302], one of India’s largest pharmaceutical and healthcare companies, and part of the Piramal Group, today announced the completion of a definitive agreement with PlasmaSelect AG, Germany (“PlasmaSelect”), to acquire PlasmaSelect’s polygeline-based blood plasma products marketed under the brand name “Haemaccel” in over 38 countries. In addition, PlasmaSelect also markets the product under the brand name “Emagel” in Italy and “Solucel” in Venezuela. This acquisition is intended to bring global leadership to Piramal Healthcare’s polygeline-based blood plasma expansion products. Piramal Healthcare currently markets the products under the brand name “Haemaccel” in India and under the brand name “Haemageline” in 17 other countries.
Blood plasma expansion products are life-saving infusion pharmaceuticals that help maintain blood plasma volume until blood transfusion can be administered to the patient, in the event of blood loss. These products also serve a range of other critical care needs in hospitals and critical care facilities.
In 1998, Piramal Healthcare bought Haemaccel-related business in the Indian market along with the manufacturing facility in Mumbai from sanofi-aventis, the originator company of Haemaccel. In 2004, sanofi-aventis sold its Haemaccel-related rights in 76 countries and its manufacturing facility at Marburg, Germany, to PlasmaSelect AG.
The total yearly revenues of Haemaccel & associated brands of Piramal Healthcare and PlasmaSelect together are €9.1 million, at current exchange rates.
Blood plasma expansion products are a part of the Global Critical Care business division of Piramal Healthcare. The Global Critical Care division markets a range of important hospital pharmaceuticals, including Halothane / Isoflurane inhalation anaesthetics. The acquisition is consistent with Piramal Healthcare’s objective of growing its Global Critical Care business.
Piramal Healthcare will pay cash consideration of €7.7 million for the transaction. The transaction includes the brand rights, contracts, registrations, dossiers and know-how relating to Haemaccel and associated brands. It excludes the manufacturing facility of PlasmaSelect at Marburg, Germany. Piramal Healthcare is setting-up a new EDQM and UKMHRA-compliant Haemaccel manufacturing facility at Baddi, India with an initial rated capacity of 4.2 million units. This capacity would be able to service the expanded Haemaccel sales. PlasmaSelect will continue to manufacture Haemaccel as per Piramal Healthcare’s requirements to facilitate orderly migration of manufacturing to the new facility at Baddi, India.
Commenting on the acquisition, Mr. Ajay Piramal, Chairman, Piramal Group said, “Over the years, we have recognised the compelling potential of the Global Critical Care business. We aspire to become a leading global player in this business with our worldwide distribution network and state-of-the-art manufacturing facilities in India. This acquisition is a stepping stone in that direction and a reflection of our commitment to knowledge and innovation, dynamic action and care that empowers – consistent with our Group’s values.”
Piramal Healthcare is one of India's largest pharmaceutical and healthcare companies, having grown over the last 20 years through a strategy of successfully managed acquisitions, mergers and alliances. Piramal Healthcare’s core strengths include its nearly 4,000 strong field force, successful brand building, state-of-the-art manufacturing plants, and an ability to successfully manage partnerships in its core businesses. In the field of Global Critical Care and Diagnostics, Piramal Healthcare’s customers are hospitals, doctors, independent laboratories and patients. Comprehensive product and customer support is provided through a network of engineers and scientists.
For investor queries, please contact:
Piramal Group
For further information, please contact:
Piramal Group
Notes to Editors:
About the Piramal Group
Spanning a broad spectrum of industries and formats, the Piramal Group is committed to achieving excellence and leadership by adhering to ethically sound, innovative and value-driven practices in its diverse, yet focused, business ventures and initiatives. The Group’s turnover exceeded US$ 900 million in FY2008.
About Piramal Healthcare
Piramal Healthcare Limited (“PHL”) is one of India's largest pharmaceutical companies with a growth track record of 29% CAGR in Sales and Profits since 1988. PHL had consolidated revenues of US$ 718 million in 2007-08. The Company is currently ranked 4th in the Indian market with a diverse product portfolio spanning nine therapeutic areas. The Company is also one of the largest custom manufacturing companies with a global footprint of assets across North America, Europe and Asia. PHL is listed in India on the National Stock Exchange (Ticker: PIRHEALTH) and the Bombay Stock Exchange (Ticker: 500302). For further information, visit
www.nicholaspiramal.com
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