 | 
| ||
| home > Nicholas Piramal > news | |||
| Piramal Healthcare Limited Acquires U.S. Inhalation Anesthetic Gas Distribution Business of RxElite, Inc.
Piramal Healthcare Limited (“Piramal”) [NSE: Pirhealth, BSE: 500302], one of India’s largest pharmaceutical and healthcare companies, and RxElite, Inc. [OTCBB: RXEI.OB] jointly announced today that Piramal has acquired the entire issued outstanding capital stock of RxElite Holdings, Inc. | |||
| 29 Jan 2009
, Mumbai
: Piramal Healthcare Limited (“Piramal”) [NSE: Pirhealth, BSE: 500302], one of India’s largest pharmaceutical and healthcare companies, and RxElite, Inc. [OTCBB: RXEI.OB] jointly announced today that Piramal has acquired the entire issued outstanding capital stock of RxElite Holdings, Inc. (“Holdings”), the wholly owned subsidiary and the inhalation anesthetic gas distribution arm of RxElite, Inc. for cash consideration of approximately $4.2 million. In addition, Holdings retained approximately $3.2 million of outstanding indebtedness. A significant portion of the net proceeds from the sale will be used by RxElite, Inc. to retire a portion of its long term debt. The acquisition gives Piramal ownership of Holdings’ sales and distribution network in the U.S. and complements Piramal’s pending acquisition of inhalation anesthetic gas manufacturer Minrad International Inc. (“Minrad”), announced in December 2008, which is awaiting the approval of stockholders of Minrad. Holdings’ customers include hospitals and hospital group purchasing organizations, national and regional wholesalers, outpatient surgery centers and ambulatory care clinics. Piramal’s acquisition of Holdings includes approximately 2,800 vaporizers required for administration of the inhalation of anesthetic gas, of which 2,300 are installed at various customer locations. Piramal will continue the employment of Holdings’ current sales and marketing specialists, as well as key administrative personnel. About the Piramal Group Spanning a broad spectrum of industries and formats, the Piramal Group is committed to achieving excellence and leadership by adhering to ethically sound, innovative and value-driven practices in its diverse, yet focused, business ventures and initiatives. The Group’s turnover exceeded US$ 900 million in FY2008. About the Piramal Healthcare Limited 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$ 580 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.piramalhealthcare.com About RxElite, Inc. RxElite, Inc. is a specialty pharmaceutical company that develops and markets generic prescription drug products in specialty generic markets. RxElite also operates an Israeli subsidiary that manufactures and markets complex active pharmaceutical ingredients and provides research and development services to pharmaceutical companies throughout the world. |
|||
| | ||
| home > Nicholas Piramal > news | |||
 |
|||
| |||