Pi­ra­mal En­ter­prises sells Pi­ra­mal Imag­ing to UK firm

BioSpectrum (India) - - FINANCE NEWS -

Pi­ra­mal En­ter­prises Ltd has sold its en­tire stake in Pi­ra­mal Imag­ing SA to the UK-based med­i­cal imag­ing ser­vices provider Al­liance Med­i­cal Ac­qui­si­tionco Ltd. The sale was done at a base con­sid­er­a­tion of $1 plus about $1.18 mil­lion to­ward work­ing cap­i­tal ad­just­ment on com­ple­tion of the sale.

The trans­ac­tion also in­volves de­ferred con­sid­er­a­tion that will be sub­ject to fu­ture prof­its of the com­pany. Pi­ra­mal Imag­ing, a step-down sub­sidiary of Pi­ra­mal En­ter­prises, re­ported rev­enue from op­er­a­tions of Rs 127.48 crore in the fis­cal year ended 31 March 2018.

Pi­ra­mal Imag­ing was formed in 2012 with the ac­qui­si­tion of the molec­u­lar imag­ing re­search and de­vel­op­ment port­fo­lio of Bayer Pharma AG. The com­pany is aimed at de­vel­op­ment and global com­mer­cial­iza­tion of in­no­va­tive molec­u­lar imag­ing agents that im­prove early de­tec­tion and char­ac­ter­i­za­tion of chronic and life-threat­en­ing dis­eases.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.