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| Piramal Healthcare Limited Completes Acquisition of Minrad International, Inc. | |||
| 28 Feb 2009
, Mumbai
: Piramal Healthcare Limited [NSE: Pirhealth, BSE: 500302], one of India’s largest pharmaceutical and healthcare companies, today announced that it has completed its previously announced acquisition of Minrad International, Inc. (“Minrad”) (AMEX: BUF). Minrad stockholders voted to approve the merger at a special meeting of stockholders, held on February 27, 2009. Holders of Minrad common stock will receive, in exchange for their shares, cash in the amount of U.S. $0.12 per share. In connection with the merger, Piramal Healthcare’s purchase, at a discount, of all of Minrad’s outstanding 8% Senior Secured Convertible Notes has also now been completed. As a result of the acquisition, Minrad will be operated as a wholly-owned subsidiary of Piramal Healthcare and Minrad’s shares will no longer trade on the NYSE Alternext Exchange. UBS Securities LLC acted as exclusive financial advisor to Piramal Healthcare on the transaction. 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 Minrad International, Inc. Minrad International, Inc. is an interventional pain management company with real-time image guidance, anesthesia and analgesia, conscious sedation product lines. Minrad manufactures and markets generic inhalation anesthetics for use in connection with human and veterinary surgical procedures. The company is developing a drug/drug delivery system for conscious sedation, which, similar to nitrous oxide in dental surgery, provides a patient with pain relief without loss of consciousness. Minrad’s real-time image guidance products facilitate minimally invasive surgery especially for pain management and have broad applications in orthopedics, neurosurgery, and interventional radiology. These devices enable medical professionals to improve the accuracy of interventional procedures and reduce radiation exposure. Additional information can be found at the company’s website, http://www.minrad.com. |
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