PI Industries to acquire API business of lnd Swift Laboratories
PI Industries Ltd, an Indian agri-sciences company, has agreed to acquire the API business division of lnd Swift Laboratories Limited (ISLL) for INR 1,530 crores ($210 million).
Based in Chandigarh, lnd Swift Laboratories manufactures and exports active pharmaceutical ingredients (API) and advanced intermediates. The Indian pharma company serves the API requirements of regulated and soft regulated markets.
The API unit of lnd Swift Laboratories has more than 20 products. Of which, several of its API products are in the global top 5 positions.
The business is also said to have a good research and development (R&D) product pipeline.
PI Industries said that over the last few years, it has also developed a robust R&D pipeline of products and complementary technologies. The agri-sciences company added that introducing new and cutting-edge technologies will also allow building a differentiated and sustainable relationship with overseas customers.
Based on satisfactory completion of the preceding conditions, the deal is expected to close within three months.