New Strides
Ajay Piramal- led Piramal Enterprises ( PEL) has acquired a portfolio of drugs from UK- based Mallinckrodt LLC in a deal worth $171 million. “This would be our seventh pharma acquisition in the last two years, taking our investment for inorganic growth to `3,000 crore across our pharmaceutical businesses,” the Chairman of Piramal Enterprises said. The company informed that the deal also includes an additional $32 million payable depending on the financial performance of the acquired assets over the next three years. The acquired products include drugs such as Gablofen for treatment of severe spasticity and two pain management drugs under development. According to Piramal, this will boost PEL’S operating profits and margins, besides helping diversify its offerings in the US.