M&A

M&A

Zydus Lifesciences acquires API biz of Sterling Biotech for Rs.84-Cr

Business Standard   Zydus Lifesciences Ltd  

Ahmedabad- based Zydus Lifesciences Ltd has acquired fermentation-based active pharmaceutical ingredient (API) business of Sterling Biotech Ltd (SBL), which has a production facility at Masa in Gujarat, for a pre-agreed sum of INR 84 crore.Last month, when Zydus acquired a 50% stake in SBL, the company negotiated for the right to acquire the 'target business' of SBL (its API business) at a predefined value.The API business of SBL consists of a portfolio of fermentation-based API products like Lovastatin, Daunorubicin, Doxorubicin and Epirubicin. It has a turnover of INR 66.83 crore for the FY24.